Finance

Tips for Buying Your First Home

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Owning your own home is one of the cornerstones of the American dream. There is something incredibly satisfying about knowing that you own the roof over your head and the property that you call home. However, buying your first home isn’t as simple as simply finding a property that you like, putting in an offer and moving in. There is a lot of preparation that goes into taking the leap into home ownership. If you’re considering buying your first home, keep some of these helpful home buying tips in mind.

Start Saving Early

If you’re planning on buying a home, you’ll need to have some cash on hand for your first home purchase. No, this doesn’t mean that you’ll be paying cash for your first home, but you need to have money on hand in order to even get a mortgage. You can find plenty of down payment calculators online that can give you a good idea of where to start, but you should plan on having a few thousand dollars on hand before you even apply for your first mortgage. If you have great credit, you may be able to get a loan for as little as 3% down, but depending on the price of the home, that can still be costly.

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