top of page
Search
Writer's pictureMovingHelpCenter.com

Are You a First-Time Homebuyer? Know This Before You Sign AnyThing!

The fact that you’re reading this means that you’re thinking about buying your first home. Congratulations potential first-time homebuyer!


We know you’ve probably heard lots of high-stress stories that are making you question if you’re even ready for this major life decision. Here are few important things you need to know as a first-time homebuyer.


You should start saving for your down payment early.

Although there are some mortgage options that require no down payment, most mortgages do require one. But what is a down payment, really? A down payment is an amount of money you must pay in a lump sum to the seller of the home.


The standard conventional loan down payment is 20% of the home value. That means if the home costs $150,000 you will need $30,000 to pay as a downpayment. Sounds like a lot of money, huh? We get it.


But, don’t let that scare you away because according to a 2017 study by the National Association of Realtors, 81% of first-time homebuyers make a down payment of less than 20%....



 


 
7 views0 comments

Comments


Advertisements: Google compensates us every time readers click their ads. The residual income enables us take time to create content and to engage with readers. Thank you for reading and supporting our efforts.

bottom of page