One of the biggest questions we hear at Starting Point is undoubtedly: “How will I manage to finance my new home?” Practically every home buyer needs some sort of financial counseling and loan assistance from a bank or credit union when looking to make a real estate investment. Many banks offer first time home buyers programs that help educate those who are interested in purchasing a home but don’t quite understand the ins and outs. Starting Point Real Estate has created a list of FAQ’s for first time buyers, in an effort to help make the process of purchasing your dream place seem a little less daunting.
What are the benefits of being a first time home buyer?
You get much more than just the responsibility of a mortgage! When you buy a home for the first time, you know that the roof over your head is your own. It is extremely gratifying to know that your investing your money into something with equity, and you’re not just paying month-to-month with no return. Purchasing a home is a great start to becoming part of a community, and many appreciate nurturing relationships with their neighbors and community leaders.
What resources do banks have for first-time home buyers?
Every bank is different, and you should do your research before picking which one to go with. Any bank should be able to discuss the different types of financing they offer, and what’s the best option for you. Don’t be afraid to ask questions, and don’t feel obligated to commit to anything until you’ve had time to think your investment through.
How do you find a home that fits your needs?
Consider your plans for the future. How long to you plan to stay in the area? Are you looking to expand your family immediately? Is this an area you’d like to grow in, or a temporary solution to a need for housing? Research your specific needs, and find out if the home and neighborhood suits your needs. Check out the school district’s information and speak with community leaders to find out any additional information that may not be listed on a public record.
Just remember that you are not alone in the search for a place to call home. Starting Point is here to assist you with all of your real estate investment needs.