BCP Welcomes First Time Home Buyers!
Are you getting ready to buy your first home? If you're searching in the greater Boston area, do yourself a favor and turn to the experts at Boston City Properties. Right from this page, you can immediately start searching listings for properties in the neighborhoods, cities and towns of your choice. Our powerful search feature lets you quickly zero in on properties that suit your budget, lifestyle and needs. Whether you're looking for a place in Boston or throughout Massachusetts, our team of experienced real estate agents and our incredibly informative website are here to help.
Tips for First-Time Home Buyers
It's easy to feel overwhelmed when preparing to buy a house for the first time. Keep these tips in mind to enjoy the easiest and smoothest experience possible:
- Get Your Credit in Good Shape - Even if you think your credit is decent, it pays to improve it as much as you can before applying for a mortgage. The better your score is, the more competitive your interest rate will be. Over the term of a 30-year mortgage, even a fraction of a percentage point can save you huge amounts of money.
- Assess Your Assets and Liabilities - Know where you stand financially before looking for homes to buy. Make no assumptions; figure out the cold, hard facts of the situation. How much debt do you have? What's your monthly income like? What kinds of assets do you own? You will need to provide this information at some point anyway, and it will make it easier for you to determine how much home you can realistically afford.
- Get Your Documents in Order - You won't need them until later, but round up all of your financial paperwork so it's ready to go when the time comes. This will allow you to focus on the enjoyable part: finding a new home! Determine How Much You can Afford - This is a biggie. All too often, people assume the mortgage company won't approve them for something they can't afford. As evidenced by the mortgage crisis a few years ago, that's decidedly untrue. It's far better to take matters into your own hands by determining how much you can afford yourself. Use an online calculator to determine your debt-to-income ratio. Figure out how much you can afford for a down payment. Keep in mind that most lenders want a maximum of 28 percent of a home buyer's income to go toward housing costs; this is known as the front-end ratio. While you're at it, figure out how much you can afford for a monthly payment too.
- Save Up a Decent Down Payment - As with your credit score, the bigger the down payment you make, the better the terms of your mortgage are likely to be. While it's possible to buy a home by putting down less than five percent, you should aim for at least 20 percent. That's the number at which mortgage insurance is eliminated, so you will save a lot of money. Also, it is a great way to qualify for a more competitive interest rate.
- Have Access to Accurate Information - Boston's real estate market is incredibly competitive. Without access to reliable, up-to-date information, you will run yourself ragged. Avail yourself of Boston City Properties' free, constantly updated real estate listings to quickly zero in on homes in the areas of your choice.
- Get the Help You Need - Going it alone is fine in many situations, but home buying isn't one of them -- especially when you're buying a home for the first time. Boston City Properties' talented real estate experts are located in every neighborhood and city in the metro area. They are ready to help you view homes that interest you, and they can even help you negotiate prices when you're ready to make an offer.
Have a Great First Home-Buying Experience with Boston City Properties
Navigating Boston's fiercely competitive real estate market is intimidating even for people who've purchased homes before; for first-time home buyers, it's downright overwhelming. Do yourself a favor and rely on the experts at Boston City Properties. From our up-to-the-minute real estate listings to our experienced real estate agents, we have the resources you need to find and purchase your first home in no time flat.