First Time Homebuyers Birmingham, AL
Am I in over my head? We ask that question often times when we are making serious financial decisions. Most of the time we make those decisions under extreme pressure and our emotions are a key factor. You say you want to buy a house. Just the thought gives me anxiety. First Time homebuyer is not a dirty word!
The anxiety comes from the unknown, not having a clue of what to do. Or may I add what not to do. So how do you overcome what seems to be an overwhelming amount of information that you have to obtain? First of all, unlike the freshman at their first college party, it's okay to be nervous. Embrace your virginity; it is okay to be a First Time homebuyer. Here are some tips to make sure you're not in over your head.
How much home can I afford? Your path to homeownership begins and ends with your pocket book, it's more like your wallets fellas! As the saying goes, if you don't pay you don't stay. So as a First Time homebuyer, you must decide how much can I afford. Right? Right, but how do you go about determining that. How do you really know what you can afford?
Though it seem the formulas that they give to the First Time Homebuyers are simple. For some it is still calculus. To make things simple here is a Budget worksheet that will do all the work for you and show you exactly what you can afford.
Buying vs. Renting: Why should I buy? Where do we begin? Let's just start with, having something to call your own. It could possibly be one of the largest single deductions a taxpayer could have. (please consult your CPA) You know you would like to get more money back from the government but, if you are still skeptical check out this Buying vs. Renting worksheet. See for yourself.
Home Economics: What is home economics? No, it's not that elective you chose to learn how to bake in High School. This is simple, how to keep your home and utilize the benefits that come with owning your home. The biggest mistake that most First Time Homebuyers make, they forget about the big picture. What has your mortgage done for you lately? Stay in touch with your neighborhood and the sales in the market. This could help you in determining if you need to get out of Dodge, or stay at home and wait. Be an educated homeowner!
Last but not least; find out about the First Time Homebuyer programs in your state. The Alabama Housing Finance Authority is offering down payment assistance to First Time Homebuyers. Qualification is simple and easy to do. You can own your first home with little to no money down. The Alabama Housing Finance Authority has a limited amount of funds available. If you don't reside in Alabama check out the First Time Homebuyer programs in your area. The sooner you take advantage of this opportunity, the closer you will be to owning your first home!
Contact Stephen-Michael to find out what First Time Homebuyer programs you qualify for!
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