Planning on Buying Your First Home? Here are Some Budgeting Tips
Planning on buying your first home in Corpus Christi, TX? For some, purchasing a house is the biggest investment they will make in their lives. For a lot of new homeowners, it’s a wonderful experience, resulting from careful planning, hard work, good research, and prudent saving. Research and good preparation are keys.
If you are considering purchasing your first house, you can start here with our useful budgeting tips. Careful planning will definitely go a long way in ensuring your financial well-being in the long run, as well as a happy home buying experience.
Begin with a budget
There’s no time like the present when it comes to creating a budget of monthly expenses and income. Put everything on paper; this will not only help you build an efficient habit of record-keeping, but will also help you determine whether or not you are ready for the costs of homeownership.
Start saving early
Once you decide that you want to take that wonderful leap towards homeownership, it’s high time to begin saving. There are some mortgage programs that do not require a downpayment, while others require a 3 percent downpayment.
Generally, the average downpayment for first-time homebuyers is 7 percent. It is typically anywhere from 3-20 percent of the home’s purchase price. Remember to set aside some cash for other expenses associated with home buying, like new furniture or moving costs.
Get pre-approved
A lender will check your credit history, income, and debt history. To get pre-approved and to be in a better position to make a serious offer on a home, it’s best to work with a mortgage lender. This will also help you focus your search on the homes that you and your family can afford.
It would also be wise to think about how much you feel comfortable spending on a mortgage. Make sure that you leave enough wiggle room in your budget.
Buying your first home may seem like a stressful process, but it doesn’t have to be! Are you a first-time homebuyer, or are you looking to buy your second or third home? Hogan Homes is with you every step of the way! We understand how overwhelming the mortgage and financing process can be, and this is why we have chosen Caliber Home Loans as one of our recommended mortgage partners. Our partnership with Caliber has offered peace of mind to our homebuyers for many years. Go for a no-obligation consultation online, through phone, or you may visit their office and sit down with their financial experts. We’re here to help make your home-buying experience seamless. Learn more about our simplified home buying process by clicking here.