If you are considering buying your first home in 2019, you’re not alone. This is expected to be the most active year yet for millennial homebuyers.
Potential homebuyers can keep up with the competition, and walk away with an accepted offer, by being prepared.
Beyond applying for mortgage preapproval, other important steps to take include:
– Save at least 3-5% of the budgeted purchase price for your down payment.
– Include the closing costs – 2-5% of the price – as you determine your desired home price.
– Make sure your expected mortgage payment won’t exceed 29% of your monthly income before taxes.
– Shaun Owens (NMLS 557395), Eagle Home Mortgage