WWW.QNS.COM RIDGEWOOD TIMES NOVEMBER 7, 2019 15
Today’s first-time homebuyers
face a variety of hurdles when
trying to enter the real estate
market. While interest rates have
declined recently and there are signs
that more inventory may be coming
onto the market, many buyers continue
to feel frustration in finding
and financing a home.
Additionally, high levels of student
loan debt and entry-level jobs that
didn’t pay as much as expected have
made homeownership financially
difficult for millennials. Many have
opted to move in with their parents,
and since then have been saving
money to purchase a home.
Although being a first-time homebuyer
is exciting, it can also be overwhelming.
Whether you’re purchasing
a home for yourself, with your
spouse, or because you’re growing
your family, there are a few tips to
keep in mind to ensure a smooth
process and happy outcome so you
don’t have to delay your decision to
buy a home.
EXPLORE WHAT YOU
CAN AFFORD
It’s important to purchase a home
that is within your means, but it’s
often difficult to know what you
can actually afford. Start by using
the Shop by Payment feature at Vylla
(www.vylla.com.) If you know what
you can afford for rent, use that as
a guide for your search to see how
it translates into monthly mortgage
payments. Many renters are surprised
to find out they can become
homeowners for about the same
monthly amount they’re currently
paying their landlord.
SAVE FOR CLOSING
COSTS
There are some “hidden costs”
associated with buying a home.
Closing costs, or fees included at the
closing of a real estate transaction,
can include a number of charges
such as appraisal and attorney
fees, recording fees, title and escrow
charges. Buyers and sellers
often split closing costs, and buyers
can typically expect to pay 3 to
4 percent of the cost of the home in
closing costs. That means if you buy
a $200,000 home, estimated closing
costs will be between $6,000 and
$8,000. Working with a transparent
real estate and mortgage company
will also help you manage costs to
ensure there are no surprises along
the way.
MANAGE DEBT AND
DOWN PAYMENTS
You may have heard that you
need to eliminate debt and save 20
percent down to purchase a home.
Although those are good goals, there
are more flexible loan products
available today for many types of
borrowers. Many lenders have loan
programs that make it possible for
borrowers with some debt or lessthan
perfect credit to qualify for
mortgage loans, eliminating some of
the barriers first-time homebuyers
face. You may be able to qualify for
a loan with a down payment of just
3.5 percent.
RESEARCH
NEIGHBORHOODS
Housing varies greatly from city
to city, and even block to block. It’s
important to research the areas
you want to live in to ensure you’re
happy and making a good investment.
This will be unique to each
homebuyer, but it may be important
for you to consider school boundaries,
population demographics, crime
rates, access to resources like public
transportation and commute times
to work.
STREAMLINE TO
REDUCE STRESS
Many homebuying steps are disconnected,
which can cause a lot of
stress. Consider a one-stop platform
like Vylla.com that seamlessly integrates
the mortgage process with
home search and home purchasing
steps to provide everything under
one roof. Plus, you can work with a
single point of contact who works
with real estate agents, title and
escrow services and more for a
seamless experience.
THINK LONG-TERM
Although your first home won’t
likely be your last, it’s important to
think long-term when making such
a big investment.
According to the National Association
of Realtors®, the average
amount of time a homeowner stays
in a house is 10 years. You want
something that you plan to live in
for at least the next few years, as
well as something that suits your
future plans. Don’t just think about
what you want now; try to visualize
your life down the road and make
sure this house fits the vision as
much as possible.
A few smart steps can make the
first-time homebuying experience
easy and stress free. With a little
proactive planning and a few good
resources, you’ll have keys to your
home in hand in no time.
— Courtesy BPT
AT HOME
Smart tips for fi rst-time homebuyers
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