6 Tips for First Time Home Buyers

Now that summer is upon us, many of us will start searching for a new home.

For some buyers, it may be the first time.

Here are my tips for first-time home buyers.

TIPS

  1. Putting 20% down avoids private mortgage insurance
  2. Don’t use all your savings on a down payment
  3. Have 3 to 6 months of net pay saved for emergencies
  4. Remember maintenance, utilities, taxes and insurance costs
  5. Consider what percentage of your pay you want to go toward house payments
  6. Consider life changes like a potential job and relocation before purchasing