Metro Detroit Real Estate First time Home buyer tips
As a Michigan first time home buyer it is very confusing. What should you be looking for? How does the process work? How much money do I need?
As a Michigan first time home buyer one of the first things you should do is figure out yourself how big of a payment you can afford. DO NOT LET THE LOAN OFFICER OR THE MORTGAGE PERSON OR REAL ESTATE AGENT TELL YOU HOW BIG OF A HOME YOU CAN AFFORD!
Sit down and figure out your budget. What will make you feel comfortable. Is $1000 a month too much? Is $2000 a month too much? This is something that you and your spouse if you have one should think about carefully. You don’t want to be house poor.
Try living on that amount for 6 months. If you say you can afford a Metro Detroit home that has a payment of $2500 a month. Then take $2500 a month and put it in a savings account. Try living that way for six months. If your rent is $800 a month then put $2500 – $800 = $1700 a month into a savings account.
Not only will you figure out whether you can afford that big of a payment but you also will be saving money to put towards a down payment.
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