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Home / Blog / Buying a Home / 3 Tips for First-Time Homebuyers

3 Tips for First-Time Homebuyers

September 6, 2014 By Mary Catchur

Buying a Home
Photo Credit: (c) Depositphotos.com / monkeybusiness.

Most people struggle when making a large purchase like a home, not only because of the legal requirements but also because of the financial commitment. 

Here are 3 tips that are helpful when beginning the homebuying process, especially for first-time homebuyers.

#1 Know Your Price Range

One of the biggest mistakes that homeowners make is choosing a home that is beyond their price range. Remember that you’ll be paying for a home for a long time. A crushing house payment could be difficult to manage.

In order to find a reasonable mortgage, you need to look at the numbers. Your mortgage broker can help you analyze your income and debt, and the current mortgage rate to determine an acceptable amount when purchasing a home. But beyond that, examine your personal budget that includes all your expenses, and thoughtfully determine how much you can spend on a mortgage payment.

#2 Choose A Shorter Term Mortgage

When budgeting for a home purchase, also consider various payment terms. 25 – 30 years is the typical term for most mortgages, but the sooner the mortgage is paid, the more money you’ll save in the long run.

If possible, choose a shorter term mortgage, and you’ll save a lot of money.

#3 Make Extra Payments When Possible

Once you have your new home, consider paying it off by making extra payments. While this may seem like a challenge, it can be accomplished with careful budgeting.

Making one extra mortgage payment a year will shorten the length of the loan, build equity more quickly, and reduce the total amount of interest you’ll pay.

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Filed Under: Buying a Home Tagged With: Mortgage

Opinions, estimates, forecasts and other views contained in this page do not necessarily represent the views of Marimark Mortgage or its management and should not be construed as an offer to provide financing at the rates or terms mentioned. Due to market fluctuations, interest rates are subject to change at any time and without notice. Interest rates are also subject to credit and property approval. Although Marimark Mortgage attempts to provide reliable, useful information, it does not guarantee that the information is accurate, current or suitable for any particular purpose. Information from this page may be used with proper attribution.

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