Whether you are actively looking or thinking about buying your first home, here are three
things you should know before you buy.
Budget for Home Costs
Buying a home can be one of your largest and most significant purchases. You want to ensure you're financially prepared before you begin house hunting. Creating a budget can help you determine what you can afford.
Be on the lookout for any fees associated with your current living arrangements. You'll want to include initial fees like closing costs and inspections, paying for movers, or buying cleaning supplies. If you're selling a house or breaking a lease agreement, consider that you may have to do some renovations or pay a cancellation fee. These expenses, both for a new home and where you currently live, can add up quickly and unexpectedly.
Save for a Down Payment
After you've established your budget and price range, you've be able to determine how much
you should have for a down payment for your home. Remember that the more you save for and put down up front, the less you'll be paying in interest over the duration of your mortgage.
Connect with a Lender
Lastly, reach out to a mortgage lender and make sure they're the right for you. Being new to the home buying process, the right lender will help you with the pre-approval process and next steps as you start looking at homes.
MSUFCU offers a variety of home loan products with various terms and rates to meet your
needs, including a first-time homebuyer option. Plus MSUFCU’s team of Mortgage Lenders are here to walk you through the process step by step.
Learn more at www.msufcu.org/firsttimehomebuyer or stop by your local branch.
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