Stretch your Dollar: Financing tips for first-time homebuyers

Stretch Your Dollar

(WTNH) — Millennials continue to fuel the real estate market that’s still tempting first-time buyers with low mortgage rates. But before you jump into one of the biggest purchases you’ll make in life, experts suggest you start with a list so you know what you are looking for before you get distracted by a price tag.

“What are your must-haves vs. want to haves? And then once you’ve taken the time to build that plan, stick to the plan,” Wells Fargo’s Arlene Maloney advises.

RELATED: Navigating the real estate boom for home buyers

Maloney suggests you find your money before the house. Sit down with an expert and crunch the numbers. Know how much you should have saved. And get pre-approved for a mortgage. That alone will set you apart from other potential buyers.

Also, understand what you should expect to pay for a downpayment.

“Are you going to put a high downpayment or lower, and what are the benefits of each of those? You want to understand that,” Maloney said. “Secondly, you need to understand your payment is more than just paying back the loan; The principal and interest. You’re also going to have insurance payments and tax payments.”

We’re spending more time than ever in our homes – it only reinforces the value. And the more prepared you are, the more likely you’ll get into the home that’s the best fit for you.

And, she adds it’s important you don’t stop your savings plan once you have the home. Once you’re in, then comes the leaky washing machine, the drafty windows that need replacement down the road…you get the idea.

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