Five Essential Tips when Buying your First Home
Buying your first home can be a daunting task, but here are five essential tips to help make your home buying experience much smoother.
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The loan amount, the interest rate, and the term of the mortgage can have a dramatic effect on the total amount you will eventually pay for the property. Further, mortgage payments typically will include monthly allocations of property taxes, hazard insurance, and (if applicable) private mortgage insurance (PMI). Use our mortgage calculator to see the impact of these variables along with an amortization schedule. Accurately calculating your mortgage can be a critical first step when determining your budget.
We recommend calculating the down payment to be standard 20% of the purchase price.
Your realtor can help provide estimated property tax information for potential homes, or you can also use a tax calculator to estimate tax using the home’s location and purchase price.
The most common loan terms are 15 years, 20 years, and 30 years.
Pre-payments, property taxes, possible association dues and more... they all add up! Using a calculator can help you to get organized and prepared for the big decisions in life. While the home-buying process is complex, InTouch offers a wide variety of
other home financing calculators to prepare you for buying a home, refinancing and more.
If you find that you have further questions, or you are ready to apply for pre-approval or for a mortgage now, you can start online or contact us to get guidance from one of our mortgage officers.
