First Time Home Owners – Tips

First Time Home Owners – Tips

Start saving for the down payment – It is typical for prospective homeowners to put down 20% in anticipation of their first home payment, however many institutions allow for down payments of less than 10%. Note that if this is done it may result in higher overall costs.

Seek guidance for a professional financial organization for mortgage options – Lending organizations are here to help you achieve your homeownership goals. Here in Jamaica, there are many options for you to choose from. CLICK HERE FOR MORE INFORMATION ON MORTGAGE RATES AND OPTIONS FOR THE NEW HOMEOWNER.

Obtain a preapproval letter – As the time gets closer to your first home purchase, you will need to obtain a pre-approval letter from your preferred lending institution. At this point, your lender will take an in-depth look at your finances to get a better understanding if you can afford the purchase. When the time comes to purchase your home you will appear to be a serious prospect to the development company.

Choose the appropriate house and neighbourhood – Chances are that when you make your first home purchase, you will be living there for more than 5 years. This being said, it is important to do your due diligence on the surrounding community. Ensure you spend adequate time researching local schools, hospitals, activities, and crime statistics.

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