Going house hunting for your very first home is exciting, but it’s not something to rush into. Making sure you get the house of your dreams at a price that’s within your budget should be your ultimate goal, and that’s going to take some time and require careful consideration.
Keep these essential tips on home buying for first time home buyers in mind as you start your search:
- Know how much you can afford. Use online tools, such as an affordability calculator and a mortgage calculator, to determine what’s within your budget and get an estimate of how big your monthly mortgage payment would be.
- Follow this rule of thumb when figuring out how much you can afford each month for a mortgage payment: your payment shouldn’t exceed 28 percent of your monthly income.
- Gather information about the real estate market in your area by contacting United Real Estate agents. They should be able to tell you if you’re better off buying now or if you should wait a bit more until prices fall again.