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First Time Homebuyer Here’s What You Need To Know
Buying a home can be a very difficult experience! It is most likely the biggest purchase of your life but less daunting when you know the real estate lingo and what to expect during the purchase process.
1. Start saving earlyYou will need to be putting between 3.5% and 20% down of the purchase price. Your current situation will determine when you are ready to purchase. If you are putting less than 20% down, you will be paying private mortgage insurance (PMI) on a monthly basis. For example a 20% downpayment on a 300k home would be 60k while a 3.5% payment on a 300k home would be around 11k. Looking at an amortization calculator would be helpful to gather an idea of what you will be paying on a monthly basis. In Massachusetts, MassHousing offers 5% down which is a program you can look into as well. Look at state specific programs as well to see state specific programs.
2. Know Your CreditYour credit will be a key factor in your approval amount. Making a dent in any debt may be smart to increase your purchasing power as well. A lender will pre approve you to see how much you can afford. ... more

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