By financen | April 3, 2019 - 6:13 pm - Posted in Home Buyer, Mortgage

For a first time potential homeowner, there are many things that one never knows. Or even if they do know, understanding them might not come as easy. When buying a house, there are a lot of things that one needs to keep an eye one. Here are some of them.

Deposit at Least 20%

Most people whenever they think of owning a home they think of taking out a mortgage, and that is it. However lucrative it may seem to take out a full financing mortgage plan, experts at Sun West Mortgage advice against this. It is always a safer option to deposit 20% of the value of the house and then take out a mortgage for the remaining amount. This will lessen the burden of paying interest at the same time private mortgage insurance.

Have Some Backup Money

When one rents a home, its maintenance is the least of worries that they can have. The reason is that the landlord fixes any issues that the tenant may experience while leasing the home. This is usually part of the lease agreement. Things change when owning a home; Sun West Mortgage advises that one have some money kept aside for repairs and any unforeseen spending.

It is essential that one is well informed before making a buying decision. Real estate when invested in with full information is a safe investment for many. The opposite is also true.

This entry was posted on Wednesday, April 3rd, 2019 at 6:13 pm and is filed under Home Buyer, Mortgage. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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