Buying a home is an exciting time. As first-time home buyers, the process is bound to be more stressful than for experienced buyers. However, with the following considerations, buyers can rest assured and be prepared on their quest for their new home. What’s more, buyers are advised to protect their assets and property with a comprehensive Indianapolis Homeowners Insurance program.
Naturally, saving for the down payment is a crucial part of home buying. Traditionally, buyers are expected to front between 5 and 20 percent of the home’s value for the down payment. While this may prove difficult with so much student loan debt for today’s young buyers, there are now down payment assistance programs that are being offered.
Monthly Expenses and Maintenance Costs
In addition to paying the mortgage, household costs should be factored in to your budget when buying a home. As first-time home buyers, many will choose to purchase a home that required renovations to save money. According to Realtor.com, these costs should be factored in at the start of the financing process so buyers are comfortable with their down payment and monthly payment and will have money available to make improvements.
Bear in mind that association fees, internet, cable, utilities, and the like can add up quickly, as well.
Finding the Right Mortgage Lender
It’s important to shop around for the right lender prior to buying a home. Open and ongoing communication with the lender is a key factor when taking the first steps toward your purchase. Next, discuss what you can afford and what financing options are available to you.
Educate Yourself on the Process
Identify the housing market in your desired area, learn about the home financing process and the steps required to purchase a home, and evaluate the criteria you must meet in order to be considered for a loan. This information can be obtained through seminars, online tools, and financial establishments.
At Walker & Associates Insurance, we want to ensure your home buying process runs smoothly and that your property is thoroughly protected throughout your ownership. Our comprehensive packages ensure each aspect of your home is covered against the potential perils that you might face. To learn more about our products, contact our specialists today at (888) 760-7292.