Everyone dreams of setting down in a forever home someday, one where you can grow a family for different generations and have access to the most convenient stops along the way. It’s an ultimate milestone that marks a new chapter in your adulthood, making it a big decision that you can’t make on a whim.
It’s easy to get swept away by the thought of having a place to call your own, and while there’s no perfect age to buy a house, there are several factors to consider before you should take the plunge. We’re here to break down the steps you need to take and test your readiness before you swoop in the real estate market for a steal.
2 Factors To Consider When Buying Your First Home
- Can You Afford the Down Payment And Closing Costs?. Some people can leap and shop for homes early in their 20s, and there’s not much problem so long as you have the funds to do so. Keep in mind that the budget you set for your future home should meet all the fees that come with the process, meaning there are down payment fees, home inspections, repairs, and closing costs on top of the property’s initial price. The down payment can range between 3 per cent to 20 per cent of the loan depending on your mortgage, while the closing costs can surprise you with a 5 per cent increase in the end. Depending on the market, it could potentially double your budget, which can leave a dent in the pockets of first-time buyers.
- Location and Long-Term Commitment. What defines your dream home? Many think that it’s a space that looks inspired by a home interior, glossy magazines, but it should also be set in a location that suits your lifestyle in more ways than one. The advantage of renting an apartment in the meantime is the freedom to get up and move whenever you need to, but buying a house is a long-term commitment that demands you to make a living in one location. It needs to be where you can access your work and have close connections with quality schools, hospitals, parks, and other districts that contribute to quality living.
The Bottom Line: Exploring Factors To Consider When Buying Your First Home
The home-buying process can be complicated, even for veterans. The requirements you have to understand and fulfill can be overwhelming – starting from the application down to the settlement.
Working with a good mortgage broker can ease the hassle by simplifying your journey since they can help compare the right lenders and products that suit your budget. With a broker by your side, you don’t have to worry about the how’s, why’s, and what’s in your home-buying journey.
Buying Your First Home with Shannon Christenot
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We’re the best mortgage broker in Los Angeles, that can help make your mortgage work for you. Whether you need help with property investing, construction loans, or improve lousy credit loans, we can take the guesswork out of these requirements and ensure you can settle down into your dream home in no time.
Get in touch with us at (818) 601-2231 and get a free mortgage rate quote today!