You’ve saved up for years, and you’re finally able to become a first time home buyer.
First, and foremost, congratulations on your big purchase! You’ve just taken the first step into the American dream.
Now that you’ve bought the home (or are in the process of doing so), what do you do from here? The following are a list of tips, tricks, do’s, and don’t’s that we’ve compiled for every first-time home buyer. We hope that, as you get closer to your closing date, you keep them in mind:
- Don’t forget to get your first time home buyer applied tax credit. In layman’s terms, that means that if you buy your house before May 1st, you’re able to get a credit applied to the taxes you file the following year.
- Do bear in mind that the costs of maintaining a home involve more than just paying the mortgage. Rather, you have to factor in the costs of taxes, insurance, and any repairs on the home that come up. Before you agree to purchase a house, then, you have to make sure that you make enough to afford all of these expenses.
- Don’t assume that just because you’re applying for a FHA (Federal Housing Authority) loan, that you’ll be able to get away with making less of a down payment. In fact, because FHA loans are getting more difficult to come by, buyers who have a credit score of 580 or less will be required to put up at least 3.5% of the down payment on the home as collateral. (The more you can put down as a down payment, of course, the better.)
Pacific Mortgage Group is here to help you find the right mortgage rate for your needs. We understand that every borrower is different, and we offer a variety of services to meet your individual requirements. So if you’re ready to become a first-time home buyer, or you need any other kind of mortgage consultation, contact us today to see what we can do for you.