Buying your first house is an exciting adventure, especially when you are looking in or around the beautiful areas of Charleston. However, your enthusiasm must be met with conscious forethought and careful planning. There are many factors that must be taken into account to determine the ideal timing for a first-home purchase. At the Keadle Real Estate Group, we love the homes and communities of Charleston as much as you do, but we also understand that purchasing your first home is a monumental financial leap. To assist you with your home buying strategy, here are 3 factors you must consider in determining when it’s the right time to buy your first house:
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Are your finances and career stable? Defaulting on a mortgage can seriously damage your credit and ability to secure loans for future purchases, so it is critical that you are certain your long-term finances and career are stable enough to pay for the mortgage, insurance, and other cost-of-living expenses related to the new home.
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Is the interest rate favorable? Mortgage interest rates can change from day-to-day, week to week, so you should consult with a mortgage loan officer to assist you in calculating the amount your current mortgage payment would be based on a pre-approved loan amount if you locked in your rate on that particular day. Then, ask if there is any speculation as to whether the Federal Reserve may raise or lower the current interest rate. Armed with this information and the guidance of your mortgage loan officer, it may be a good time to buy or it may be time to wait. You can also use this opportunity to determine the loan amount you can afford and what will be expected for a down payment at closing.
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Have you found the perfect house? For many home buyers, finding the perfect house can take a long time resulting in a home buyer settling for a house that never quite feels like home. On the other hand, when you work with a Keadle Real Estate Group agent, you have the benefit of working with an area real estate professional that knows the current homes on the market and can quickly create a list of homes that are within your price range and have many, if not all, of your specified preferences.
Contact the Keadle Real Estate Group Today
Timing is everything when you are buying your first home to ensure you are making the right decision for your finances and your future. The real estate professionals of the Keadle Real Estate Group are eager to guide you through this milestone in your life. Contact our friendly and knowledgeable staff today by calling (843) 847-0239 and allow us to help you search Charleston Real Estate for Sale for the home of your dreams in one of the coveted Charleston communities.