Tuesday, January 29, 2013

Financial Advice for First Time Home Buyer Novi MI

A first time home buyer Novi MI can be able to purchase their dream home even in the midst of the economic fluctuation. Here is a guide on how buyers can be financially ready in buying their own home.


Buying a property is always a major investment—especially if you are dealing with your first home in Novi MI. However, due to the country’s unfortunate economic conditions, a first time home buyer Novi MI may be intimidated by the vast expenses he may face during the process. Getting a home has now become more difficult than before.

Some first time home buyers prefer new construction Novi MI homes.
While many says that one can only buy the right home at the right season, anytime can be the right time to buy your dream house, says Conquest Real Estate (http://www.ConquestRealEstateGroup.com). That is if you are financially ready to do so. For the interested first time homebuyer Novi MI, here is a list of practical advice tidbits that will help you on financing your home.

1. Do not amass debt.

This is the most practical rule a first time buyer Novi MI, especially when they are on their way considering their property investment. Pay off all your debts before you can save for your house’s down payment, for credit card debt will be the factor to determine your credit rating. A better score in this will give you a chance to loan a higher amount with a reasonable interest. Most of the lenders will not find it comfortable dealing with you, especially if you have credit card payments exceeding the 40% of your income.

2. Be realistic on your home purchase.

Getting pre-approved will give you the insight on how much you can afford. Stick to that amount and do not go on further. Mortgage costs should not be more than 28% of your income, as you will find a hard time paying your loan back.

3. Seek assistance.

There are many programs run by the Department of Housing and Urban Development that will help you with your down payment.  See if you qualify for this grant, which will be able to provide you $3,000 to $5,000 as aid for your purchase.

4. Avoid falling for predictable traps.

Consult a trusted real estate agent from a reputable company to help you with the whole process. They will keep you focused on your budget as well as guide you on the whole course of your home buying in Novi MI. Ask for their assistance; seek help from Conquest Real Estate.


6 comments:

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  2. Buying your first home is a daunting step, for sure. To go about it the right way you need to be organised and to get to know the housing market like the back of your own hand. You will save money and save yourself stress too. Thanks!
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