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What to Know When You're a First-Time Homebuyer

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#CreditChat Wednesdays | 3 p.m. ET What to Know When You’re a First-Time Homebuyer


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Join our #CreditChat every Wednesday at 3 p.m. ET. This week, we talked about important things to know when buying your first home. ex.pn/firsthome


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#CreditChat Wednesdays | 3 p.m. ET How do you decide if you should be renting or buying a home?


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A mortgage calculator is a great resource to see if buying is financially viable. “ ” Richmond American @RAHomes #CreditChat Wednesdays | 3 p.m. ET


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“ You have to take a variety of things into consideration. How much can you afford? How long do you need the place for? ” Leslie H. Tayne, Esq @LeslieHTayneEsq #CreditChat Wednesdays | 3 p.m. ET


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Consider how strong and stable your cash flow is, plus your living situation- how much flexibility do you want? “ ” Miriam Cross @MiriamSCross #CreditChat Wednesdays | 3 p.m. ET


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“ Have enough for a down payment and still have cash in reserve for things that will come up. ” Lenda @lenda #CreditChat Wednesdays | 3 p.m. ET


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“ Evaluate the likelihood of life events occurring that could change your financial circumstances. ” Brad Sherman @shermanwealth #CreditChat Wednesdays | 3 p.m. ET


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“ Ask yourself why you want to buy. Does it make sense for your situation and goals? ” Money Crashers @MoneyCrashers #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What are tips for getting the best rate on a home loan?


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“ Get your debt to income ratio as low as possible. You’ll get a better rate and you’ll increase your credit score. ” Lenda @lenda #CreditChat Wednesdays | 3 p.m. ET


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“ First thing you should always do is shop around. Don’t just settle for the first rate you’re given. ” Leslie H. Tayne, Esq @LeslieHTayneEsq #CreditChat Wednesdays | 3 p.m. ET


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“ Check your credit score and take steps to improve it if necessary. ” South State Bank @SouthStateBank #CreditChat Wednesdays | 3 p.m. ET


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“ Look at credit unions and community institutions when shopping for a home loan. They tend to offer great rates! ” Kasasa @Kasasa #CreditChat Wednesdays | 3 p.m. ET


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“ When in doubt, consult a loan officer or financial advisor about your specific situation. He or she may have some insight. ” Richmond American @RAHomes #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What should you do before applying for a home loan?


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“ Take a hard look at your own finances and expenses and shop around before applying for a home loan. ” Brad Sherman @Shermanwealth #CreditChat Wednesdays | 3 p.m. ET


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“ Keep in mind your mortgage payment is only one of the expenses you’ll have. So don’t devote 100% of your housing budget to it. ” Money Crashers @MoneyCrashers #CreditChat Wednesdays | 3 p.m. ET


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“ 1. Know what you can really afford in the way of payment. 2. Get your credit in shape. 3. Shop around. ” Kristy Welsh @WelshKristy #CreditChat Wednesdays | 3 p.m. ET


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“ Boost your credit score as much as possible, make sure you know what you can COMFORTABLY afford, and build an emergency fund. ” Leslie H. Tayne, Esq @LeslieHTayneEsq #CreditChat Wednesdays | 3 p.m. ET


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“ It’s also about what you shouldn’t do - for example, try not to make major credit purchases before your loan is approved. ” Richmond American @RAHomes #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET How do you forecast a housing budget?


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“ Start with a budget and cashflow for your current situation. This will help back into what you can afford/down payment. ” Douglas A. Boneparth @dougboneparth #CreditChat Wednesdays | 3 p.m. ET


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Identify ALL the costs involved. Transfer fees, insurance, repair and maintenance, deposit, etc. Then work backwards. “ ” Piggie Banker @PiggieBanker #CreditChat Wednesdays | 3 p.m. ET


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“ A good budget won’t just reflect your mortgage payment. It’ll also factor in extras like maintenance, HOA fees and so on. ” Richmond American @RAHomes #CreditChat Wednesdays | 3 p.m. ET


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“ The rule of thumb is that no more than 36% of your gross income should go toward your total loan payment. ” Kristy Welsh @WelshKristy #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat Wednesdays | 3 p.m. ET What unexpected costs might you encounter when buying a home?


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“ Depending on what you’ve planned for... insurance, maintenance, property tax and utility price increases. ” Money Crashers @MoneyCrashers #CreditChat Wednesdays | 3 p.m. ET


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“ Another excellent reason to avoid straining your finances when buying a home. There’s always an unexpected cost. ” Leslie H. Tayne, Esq @LeslieHTayneEsq #CreditChat Wednesdays | 3 p.m. ET


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“ Be prepared for closing costs, inspections and home improvements. ” South State Bank @SouthStateBank #CreditChat Wednesdays | 3 p.m. ET


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“ You might uncover some things that need repair. Before you know it, you’ re redoing a kitchen and bathroom. Expensive! ” Douglas A. Boneparth @dougboneparth #CreditChat Wednesdays | 3 p.m. ET


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“ Location too. If you buy a house that’s a little farther than where you work, the cost of commuting will increase. ” Piggie Banker @PiggieBanker #CreditChat Wednesdays | 3 p.m. ET


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#CreditChat It’s all about lifestyle. Before you decide to buy, figure out what sort of lifestyle you plan on having. And don’t view your primary residence as a financial investment. It’s an emotional investment. Source: @MMarquit


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#CreditChat Start budgeting like you have the mortgage, which will probably be higher than whatever you’re paying now for housing. Use the savings toward a downpayment. By budgeting this way, you really start to feel whether or not you can afford the house you think you can afford. Source: @Wangarific


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#CreditChat Don’t get lured into what the bank tells you you “can” afford. Make sure you understand your budget needs and what you truly can afford. Source: @DebtRoundup


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#CreditChat Be sure to set aside 20-30% of your monthly payment for maintenance. Most new homeowners have no idea how much it costs to maintain a house. Heck, I’ve been homeowning for over 20 years and I still get surprised. Source: @RealKateHorrel


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#CreditChat When you’re looking for a home, remember human psychology. We often decide based on emotions, then try to back it up with logic. Don’t fight it. Look until you find the house you love. Then find reasons why you “shouldn’t” buy it. Don’t look at a house based on stats and try to convince yourself that you love it when you don’t initially. Source: @Wangarific


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