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Guide on How to Buy Your First Home

Since the United States economy hasn’t been doing well in the last couple of years, experts say that the country is in for a big surprise – and they are right. All prices are going down unexpectedly. In fact, it’s easier to buy a house nowadays. According to Andrew Firoved, chief executive and founder of , this is the perfect time. “It’s a wonderful time to buy if you have got the credit,” says “They say sell high and buy low, and you’re buying low.” Follow these pointers to make sure that you do buy low so you know how to buy first home.

1. Make sure that buying is indeed up your alley- Consider other situations in your life and ask yourself these questions. Do you not have a stable job and that your work is looking dimmer and dimmer? Do you have a bad credit report and history? Do you have plans of moving in the next year or so? If you answer yes to any of these questions, then buying your first home may not be a good move. According to Steve Domber, president of Prudential Serls Prime Properties, a real estate broker firm which has been operating in Connecticut and New York state, real estate is not as liquid as it was ten or five years ago. “If you feel like your work is not stable and you think you’re going out of the job soon, then consider renting instead of buying a new house.”

2. Monitor your credit score- Check your credit score and make sure that you have a good credit standing and history. This means that you are always on time when you pay a debt and that you are a trustworthy and respectable debtor. Before buying that first home, make sure that you already have your cash for down payment and that you know a mortgage lender who is willing to lend you a home loan at a reasonably priced rate. You can also have your mortgage or lender brokers pre-approve your loans.

3. Consider the down payment and other solutions- When buying a home, consider also the down payment factor. Firoved says that you need at least 20% so you can have lower monthly payments and equities. “You know that buying a house becomes easy for you when you have that cash for a down payment,” he says. “You can also qualify for a loan modification program with that down payment – just in case you need it.” If, for instance, you don’t have that 20% for the down payment, you don’t have to worry. You can check out other alternatives such as a government-backed loan, the loans from the Federal Housing Administration or even through the Department of Agriculture.

4. Consider the costs in buying your house- Giving that much-needed down payment is just the start. There are still other considerations. How to buy first home also involves paying for your principal and mortgage payments, insurance, and real estate taxes. Just make sure you have enough money to survive.

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