For many people Renting an apartment may be a first, and if it is, it can be confusing or intimidating.But it doesn’t have to be!The first thing you must do is set a budget. Now, rent cost vary
5 Things Every First Time Home Buyer Should Know
Dated: June 7 2018
Views: 162
1. You don't need 20% down to buy a house.
Surveys have shown that most people believe they need to put down 20% or higher to buy a house. The truth is there are mortgage programs that will allow you to put as little as 3% down!
2. Most home loans today require a credit score of 600 or higher.
A report released by the loan origination software company Ellie Mae in 2017 showed that a small number of borrowers in the 500 range received a loan.The majority of loans given out are to borrowers with a score of 600 or higher.
3. It's wise to have a real estate agent.
The seller pays the agents commissions! For first time home buyers the process can be difficult. Professional guidance from an experienced real estate agent will help you through the process.
4. Mortgage Rates are expected to creep upward.
30-year fixed mortgage loan rates are expected to continue increasing. First time home buyers should know about these trends, especially because home values are also expected to rise.
5. Know about future developments in the area.
When considering a specific home, consider future developments. Is the home near a busy road? Are there expansions in the future? Is there a lot of space around the home? Are more homes expected to be built? Are there several homes on the market in the area? How fast are the going? Keep in mind the potential resale value.
Are you searching for a home in Boston? Check out what's on the market here.
Eric Rubin
Master Guro www.Realtor.com & www.Zillow.com Premier Agent....
Latest Blog Posts
Rent vs. Buy??What are the benefits of actually having your name on a piece of property where you live? Are there any disadvantages? There are things thats I hear on a daily basis. Let me start by
Arlington MA is rapidly climbing the charts in becoming a #1 place to live in Massachusetts. Consistently ranked in the top 50 school systems by Niche.com property values have been sky
Massachusetts MLS Property Info Network (MLSPIN) - The property listing data and information set forth herein were provided to MLS Property Information Network, Inc. from third party sources, including sellers, lessors and public records, and were compiled by MLS Property Information Network, Inc. The property listing data and information are for the personal, non commercial use of consumers having a good faith interest in purchasing or leasing listed properties of the type displayed to them and
