Master First Home Purchase With These 5 Genius Tips
Save for a Down Payment and Closing Costs
Saving for a down payment is often one of the biggest hurdles for first-time homebuyers. While a 20% down payment is ideal to avoid private mortgage insurance (PMI), many lenders offer programs that require as little as 3% down3. Besides the down payment, don't forget to budget for closing costs, which typically range from 2% to 5% of the home's purchase price4. Researching and following the options for first-time homebuyer assistance programs can also help you manage these costs.
Choose the Right Real Estate Agent
A knowledgeable real estate agent can be an invaluable asset in your home-buying journey. They can help you navigate the complexities of the market, provide insights into neighborhoods, and negotiate the best deal on your behalf. When selecting an agent, look for someone with experience in the area you're interested in and who understands your needs and budget. Interview multiple agents and read reviews to ensure you're working with someone trustworthy and competent.