Glenda Moehlenpah photo with Financial Bridges logo

Glenda Moehlenpah CPA, CFP®

 

Financial Bridges

12975 Brookprinter Place, Suite 140, Poway, CA 92064

 

Phone: 858-486-0100

 

Email: glenda@financialbridges.com

Website: www.FinancialBridges.com

January/February 2020

6 Questions to Ask Before Buying Your First Home

6 Questions to Ask Before Buying Your First Home

Owning a home remains part of the American Dream, but doing so requires a strategy and discipline. If you’re looking to buy your first home, answer the following questions to help ensure you do everything you can to make this experience a success.


How Much House Can I Afford?
It’s important to calculate all your costs, from monthly expenses such as mortgage, taxes and insurance to utilities and occasional maintenance and repair costs.


Where Do I Buy?
Consider the commute to work and school taxes, which could add costs.


How Much Should I Put Down?
In most cases, you’ll want at least a 20% down payment on your new home. Smaller down payments often trigger the necessity of private mortgage insurance, which will add to your total monthly costs.


Have I Done my Homework?
Make sure your credit rating is as strong as possible and comparison-shop for your best mortgage options.


Which Mortgage is the Best?
Many first-time homebuyers try to limit upfront costs, but doing so can increase your total costs if folded into your loan. Instead, look to pay no points when possible and limit other closing costs, including origination fees. When comparing mortgages, know that shorter-term options — such as a 15-year mortgage — usually offer lower rates and lifetime costs than a 30-year mortgage does.


What Do I Buy?
This ultimately depends on your financial means and lifestyle. First-time homebuyers may consider buying a lower-cost condo, but buying a two-family home can be a cost-effective option. You may want the finest home in the area, but a fixer-upper will likely be less expensive and a good candidate for price appreciation if you are handy and can make some updates.


SUBSCRIBE

Enter your Name and Email address to get
the newsletter delivered to your inbox.

Please include name of person that directed you to my online newsletter so I can thank them personally.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Financial Bridges and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.