Buying your first house can be an overwhelming process if you don’t know where to start. As always, the more you know, the better prepared you will be. Here are 4 tips to help get you started:
- Check your credit: Request a free credit report before you begin house hunting. This will give you a chance to pay off debt you may have forgotten about. Seeing what lenders will view is an important first step.
- Check selling prices: Do an internet search of homes in your area to get an idea of the current selling prices. This will give you realistic expectations when you’re working on your own budget.
- Calculate your budget: It’s recommended that home buyers spend no more than 28 percent of their income on housing costs. It is helpful to calculate your monthly budget before looking at potential homes.
- Calculate the estimated cost: You want to consider more than just your estimated mortgage. Taxes and homeowners insurance are often-overlooked expenses that can easily double your monthly payments. It is best to have this total number within your budget.
Don’t forget to ask for a free quote for your new house. Call Educators Insurance at 888.908.6822 to speak with an insurance consultant for more information on Massachusetts home insurance.