Are you ready to you buy your first home?
SouthPoint Financial Services, Inc.
SouthPoint Financial Services, Inc.
Published on July 1, 2022
Are you ready to you buy your first home?

Are you ready to you buy your first home?

Not sure if you’re ready to buy your first home? Do you have a stable job and good credit? Your own home could be right around the corner. Home buying is more accessible than many people think and lenders today have great programs for first-time home buyers. Here are a few key points to consider: 

Verify my mortgage eligibility (Sep 28th, 2022)

 

Check out your budget

• The general rule of thumb is to spend no more than a third of your monthly pre-tax income on housing.

Verify my mortgage eligibility (Sep 28th, 2022)

• You can use our mortgage calculator here. 

 

Break into your piggy bank

Verify my mortgage eligibility (Sep 28th, 2022)

• Confirm that you have enough cash on hand to cover insurance & closing costs, in addition to your down payment.

• A down payment of twenty percent is standard, but there are options available for smaller budgets. 

 

Verify my mortgage eligibility (Sep 28th, 2022)

Get pre-approved & pick the right loan

• Here's where the good job and credit score come in, you'll need those to get pre-approved. 

• Shop around to choose a loan that makes the best sense for your personal financial situation. 

Verify my mortgage eligibility (Sep 28th, 2022)

• Interest on a 30-year loan will be higher than a 15-year, but the longer term can help to make your monthly payment more budget-friendly. 

 

Happy house hunting

Verify my mortgage eligibility (Sep 28th, 2022)

Once you've prepared yourself financially, you're ready to find the perfect house. Make sure you understand any contracts you sign and don't rush things. You could soon be the proud owner of your first home!

 

Also read:

Verify my mortgage eligibility (Sep 28th, 2022)

Low Credit Scores Holding You Back from Buying a Home? Here’s What You Can Do.

What’s in a Credit Score

What to do if your Credit Score is Wrong

5 Things about Credit Reports You Probably Didn’t Know

Show me today's rates (Sep 28th, 2022)
SouthPoint Financial Services, Inc.
SouthPoint Financial Services, Inc.
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