MoneyUnder30.com
MoneyUnder30.com

First-time Home Buying

First-time home buyer's guide.

Today’s Mortgage Rates

Loan Type:
Loan Amount: 

Buying a home is a big deal.

Too often, I think people rush into home ownership because it’s seen as a sign of adulthood and financial responsibility.

But owning a home is a big commitment, it’s not a guaranteed good investment, and it’s a truckload of work. (I’ve been a homeowner for only two years and I already have a growing list of things to do and contractors to call…it’s not always the creative paradise remodeling shows make it out to be).

And last but not least, believe me, lots of people own homes and yet their finances are a mess! Home ownership can be a smart long-term move, but you want to know what you’re getting into.

With that said, I know that if you’re reading this, you’re probably going to buy a house anyway. That’s fine; I did too. So here I’ve  put together a first time home buying guide to wrap up our best advice over the last few years in once place. Enjoy!

Preparing to Buy a Home

Don’t buy a home just because everybody’s doing it (they’re not) or because your Uncle Joe told you that it’s stupid to “throw money away” on rent (he’s wrong, too). Don’t buy a home because it’s a buyer’s market (which it is) or just because mortgage rates are so good (they are). Buy a home because you want to be a homeowner. Buy a home because you’re settling down. And only buy a home if you’re financially ready.

Paying for Your First Home

For most of us, our home is the most expensive thing we’ll ever buy. And for most of us, we need one big loan to do it. It’s called a mortgage, and as all the recent foreclosures should tell us, it’s not something to take lightly. To pay for our first home, we’ll need good credit, a steady job, and a sizable chunk of cash for a down payment. Navigating the waters of home financing isn’t always easy, but these articles can help guide you.

Calculators

Articles

Resources

Shopping for Your First Home

In a perfect world, you would commit to buying a home and get mortgage pre-approval before stepping foot into your first open house. Obviously, it may be you didn’t realize you wanted to own a home until you see your dream home. Either way, shopping for a home can be a long and taxing experience.

Shopping Resources

Sealing the Deal

And, that’s a wrap! Our first time home buying guide. Hope it’s useful. Do let us know what you think and if there are any topics you’d like to see us cover in the future! Happy home buying!

Latest Posts on Real Estate

Why You Should Consider Real Estate Investing In Your Twenties

If there were just one rule of successful investing it would be “start as young as you can.” Although we frequently hear this advice as it pertains to the stock market, there are a lot of reasons to consider real estate investing in your twenties, too.

How We Save: Investing In Real Estate On The Side, Even With Two Young Kids

At 31, Fermin Saucedo doesn’t let being the father of two young kids stop him from pursuing real estate investing on the side.

Check For These 5 Dealbreakers Before You Buy A House

Buying a new home? From shoddy construction to prior pest guests, there’s a lot you need to check (and double check) before you sign on the dotted line.

Should You Buy Or Rent?

Buying a home still makes sense, but becoming a homeowner before you’re ready can have costly consequences. How much you have saved and how long you’ll stay in one place are the biggest factors in deciding whether you should rent or buy.

For Homeowners, Apps That Organize Everything: From The Mortgage To The Leaky Sink

New apps for iPhone and Android help homeowners keep track of home improvement to-do lists, mortgage payments, even your kitchen’s inventory.

How To Save Money When You Move

From finding free boxes to skimping on expensive packing materials, there are lots of ways to cut costs on everybody’s least-favorite part of a new home: moving.

With New Fees, Credit Requirements, FHA Loans Are More Expensive But Still Accessible

FHA loans still help home buyers with relaxed credit and down payment requirements, but costs have gone up dramatically. For many, the wait to qualify for a conventional loan is worth it.

Can You Trust The Mortgage Company You Found On The Web? The Best Online Mortgage Lenders Compared

Internet-based mortgage companies often offer the best mortgage rates, but who are you really working with? We review the best online mortgage lenders so you know whom to trust and what to expect when you get mortgage quotes or apply for a home loan online.

Should you use an Online Mortgage Lender? The Pros and Cons of Getting a Mortgage Online

Should you use an online mortgage lender, like Quicken or Lending Tree? It can actually be a great idea — but you’ll want to know what to expect first. If you have a lot of questions, working face-to-face with a local broker can be reassuring.

Renter’s Insurance: When You Need It and How To Get It

Just because you don’t own a home doesn’t mean you don’t need insurance: Renter’s insurance covers your belongings in the event of a fire, disaster, or burglary.