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Tips for First-Time Home Buyers

Buying a home can be nerve-racking, especially if you're a first-time home buyer.

These tips will help you navigate the process, save money and avoid common mistakes. We organized them into four categories:

• Mortgage down payment tips.
• Mortgage application tips.
• House shopping tips.
• First-time home buyer mistakes to avoid.

Mortgage down payment tips

1. Start saving for a down payment early
It’s common to put 20% down, but many lenders now permit much less, and first-time home buyer programs allow as little as 3% down. But putting down less than 20% may mean higher costs and paying for private mortgage insurance, and even a small down payment can still be hefty. For example, a 5% down payment on a $200,000 home is $10,000.

Play around with this down payment calculator to help you land on a goal amount. Some tips for saving for a down payment include setting aside tax refunds and work bonuses, setting up an automatic savings plan and using an app to track your progress.

Read More: https://www.nerdwallet.com/article/tips-for-first-time-home-buyers 

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