The importance of knowing all of your facts before buying your first home


Buying a home is part of the American dream. It is instilled in us from a young age that in order to make a good life for yourself within the United States you must be able to one day afford to purchase yourself the dream home with the white picket fence. Considering that only 63.5 percent of Americans are homeowners, this dream is more difficult to attain than we might have been told when we were younger. Buying your own home and attaining a mortgage can be a difficult feat to attain. If you are ready to settle down and take on a large project such as searching and purchasing your own home than there are some very important questions that you should keep in mind while searching. Questions such as: what are the most current mortgage rates?

Deciding to buy a home can be a large task that sounds scarier than it actually is. Finding a mortgage company and mortgage lenders who are willing to give you the money to pay for your home can be a difficult and arduous task. With such a high price needing to be borrowed from lenders and from a bank it is best to know all of your facts before you decide to go with a single lender to indebt yourself to for years to come.

These facts are ones such as “what are the most current mortgage rates.” The reason that these questions are so important are because it is best at all times to know what you are up against when it comes to the up to date mortgage rates within Washington. A mortgage company of course wants to lend you the money to buy your home but they also want to be sure that they are getting a return profit on their investments. A report from August 2018 stated that 39% of home sales were between the $100k and $250l. Less than 8% of the home sales were below $100k. This means that the mortgage rates may be a lot higher than you might be expecting to spend on your home.

The worst part is that nearly half of all Americans who already have their mortgages and their homes say that if they were to do the whole buying their home process they would do something differently. Most of the time this is because homeowners have not done their research on mortgage companies and they have not asked the important questions that come along with buying their first home. While it all may seem silly and unnecessary, in order to insure that you are getting the best deal for your dollar and that you can truly afford your home it is imperative to do all of your research.

If you are looking into buying your first home be sure to ask many questions. Questions such as “what are the most current mortgage rates” and how much can you feasibly spend every month without turning your pockets inside out with lint rather than your own hard earned money. When finally deciding to settle down and buy a home make sure you know all of the facts and the details and that you’re ready to take on all of the difficulties that come along with searching and buying your very first home. Putting your own efforts into these hassles will make it much more worth it in the long run.

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