Being a first time home buyer is an exciting time in your life! It can also be an overwhelming process with all of the new information & steps necessary to purchase your first home. So we’ve compiled a few helpful hints & steps to get you off on the right foot!
When it comes to searching for your first home, there are a few things you need to consider in order to find the perfect fit for you!
Pursue Your Dream of Homeownership
Eighty percent of America’s families believe that buying a home is a good financial decision and sixty-eight percent report that now is a good time to buy*. Additionally, more renter households are considering homeownership due to high housing affordability levels. In fact, in many areas of the country, it’s cheaper to own a home than rent.
Cost aside, the “American Dream” of homeownership provides an opportunity to build equity and stability over time, become a part of a community, and create a home that is uniquely yours.
For homebuyers with secure jobs and strong credit, today’s market is very affordable and it is a good time to buy your first home. Here’s why:
The best way to know if you should become a homeowner is to do your homework and determine if you are financially ready. Homeownership is most likely the largest financial commitment you will ever make, and it is more important than ever that you are financially prepared and financially stable.
How do you know if you’re financially prepared? You are on a good path if:
Also, take the time to prepare for successful, long-term homeownership and seek out good pre-purchase housing counseling from a HUD-approved counseling agency (www.hud.gov). Or, take the online, self-paced CreditSmart® tutorials offered by Freddie Mac to learn important aspects of credit and homeownership. Visit www.freddiemac.com/creditsmart/consumer_training.html to learn more.
If you decide to take the step to homeownership, remember that being financially prepared and doing your homework early in the process are key to becoming a long-term, successful homeowner.
* 2013 NAR Housing Pulse Survey