First-Time Homebuyers; Get Your Ducks in a Row!

It's a great time to buy a house. Sellers are pricing their homes competitively and mortgage rate rate are still at historic lows. But though it's a buyer's market, it doesn't mean you're finiacially prepared to leave renting behind.

Kara McGuire, writing for McClatchy Newspapers, gives these suggestions to help you get you "ducks in a row" before purchasing your first home.

• Save your documents. Keep your most recent pay stub, W-2 bank and retirement-account statements for the loan approval process. The mortgage company will run you latest credit report to provide a snapshot of you outstanding debts.


• Play house. Before searching for your new house, bank at least $2,000 per month to give you a taste of what the expenses of owning a home are.


• Don't buy too much house. First-time homebuyers can be tempted to take on a mortgage that's out of their reach and risk becoming stretched by a large obligation against the financial return of ownership.


• Be realistic about profit margin. No matter what you see on TV, don't expect to flip your house and make a substantial profit after owning it a short time.

As a real estate professional, it's my job to help you get your proverbial ducks in a row before buying a home. Call me any time at Heldt Realty.