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First Time Home Buying

First Time Home Buying Tips For Millennials

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Tips For Millennial First Time Home Buyers

Buying a home may seem like a daunting task with many extra expenses involved and plenty of other hurdles to overcome. In reality buying a home has never been cheaper due to low interest rates and never been easier with access to everything you need to buy a home via the internet. As a Millennial First Time Home Buyer there are many programs and opportunities to help you get into a home and get away from renting.

Saving Up For A Down Payment

Saving up for a down payment is something that can easily be done once you have an idea of how much home you can afford after getting a pre-approval statement a mortgage lender. The key for saving up enough money for your down payment is to do it well ahead of the actual home purchase and make your savings plan an automatic plan that fits into your budget. Yes you must budget, set aside money to save for your down payment which can run anywhere from 3.5% of your home purchase price and up plus closing costs.

If your employer offers it having a portion of your paycheck get directly deposited into a separate savings account is a good way to start saving your down payment. If you don’t have that option then some saving accounts offer the ability to automatically withdraw money from an account, so you can withdraw money from your main account on a regular basis into a savings account so that money is separate from your main spending money. The idea is to setup a regular savings program so money moves automatically and is kept separately in a different account so there is less temptation to use the money.

budget for saving your first home's down payment picture of a piggy bank on money...

3 Quick Tips To Help You Purchase Your First Home.

Tips for buying first house.

You may think getting ready to purchase your first home may involve hopping online and starting to surf the homes available in your desired areas.  That is one way to start, but instead will end up being more a source of frustration for you.  In order to make the home buying process one less frustrating use this suggested way.

Steps to go through:

Step 1:  Before you even search for a home or neighborhood or talk to a real estate buyer's agent you need to get a good overall view of your economic standing.  Where is your debt in relation to your income levels?  What is your credit score?  What is your source of funds for downpayment to buy that house of your dreams?  By answering those questions you give yourself a better idea of where you need to be when you are ready to buy that house.  The answers to those questions will help give your mortgage person a better idea of what you can afford.  It makes little sense to shop for houses or neighborhoods when you don't even know if you can afford it.

So your best bet is to sit down and get a good understanding of your financial picture.  You also need to get an idea of where your down payment will come from.  Is the source of down payment funds coming from your parents, your savings, another loan?  Not knowing the source of your down payment will lead to hiccups during the lending process as the lenders usually require the source of the down payment funds be disclosed.

Step 2:  Once you have a good overview...

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