Vincent Paul Iannazzo Presents - Tips for the First Time Homebuyer

Buying your first home is exciting and a little scary. This is the biggest purchase

that you have made in your life and one that you will have to live with, literally, for

many years to come. These tips will help you make the best decision possible.

Start your search by checking the selling prices of comparable homes in your

desired location. This will help you determine how much the house you want may

cost you. Use a mortgage calculator to estimate your monthly mortgage

payments. Be sure that you add in taxes and homeowners insurance to your

estimated mortgage payment to get a final monthly estimate. You can pick a

property in the same area that you want to live and call an insurance agent for a

free, no obligation estimate. Find out your state’s average for closing costs to

help estimate how much you will have to pay.

Take a good look at your budget and make wise decisions. Fannie Mae

recommends that people should spend no more than 28 percent of their income

to buy a house. Ideally, you want to spend less if possible. Talk to realtors in your

area that have great reputations and discuss the real estate climate. Is now the

best time to buy? Do they think that the market will stay steady, rise, or fall?

Keep these tips in mind and remember to consider hidden costs such as

appliances and repairs before you decide on buying a home.

Article by Vincent Paul Iannazzo