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6 Things First Time Home Buyers Need To Know

You might be able to buy more house than you really need. Rates and fees can vary greatly from lender to lender. However, first-time home buyers can often purchase a home with a down payment of little to nothing. Because expenses like the mortgage, taxes and insurance are just the beginning. How to Save for a Down Payment If you have some idea of what a home that fits your needs may cost, it’s time to get serious about saving for a down payment. The more expensive that home is, the more down payment you will need. In this hypothetical situation, you would likely need to make at least a $300,000 down payment in order to make the purchase work. The lesson here is don’t go buy a new car or make any major purchases on a credit card if you are house shopping. Should you get a 30-year Mortgage? If you are dead set on paying of your mortgage in 15 years (or less) consider getting a 30-year mortgage, but paying like it was a 15-year mortgage.