Tips for First-Time Home Buyers

March 14, 2024

Buying a home is one of life’s biggest milestones. It is a mark of stability and independence as an adult. The challenge is that the real estate waters today are not so easy to navigate if you are on your own. No matter what, Ameri-Star Homes can help people in Maryland find and finance their dream home. Follow these tips for first-time home buyers to find the right home for you.

Tips for First-Time Home Buyers

Budget for All Costs

Budgeting is everything. Here is what you will need to account for:

• The down payment: A standard mortgage requires you to pay 20% of the mortgage upfront. Other mortgage types can let you pay as little as 3% down or even 0% down for a military veteran under a VA loan. 
• The closing costs: There are fees for handling the home sale. They can be a small but significant percentage of the mortgage.
• Home insurance: You can’t finalize the mortgage before you purchase home insurance. Account for those upfront and ongoing costs.
• Moving day: If you need a moving company to help you transport your belongings into the new home, you will need to budget for the cost.
• Ongoing payments: Have a plan for how you will manage the monthly costs of the mortgage, the home insurance, utilities, Wi-Fi, and taxes. Budget for these well in advance so you’ll be ready.

Get a Mortgage Approval

You need a mortgage approval to know how much you can afford. This approval will qualify you to buy a property. Ameri-Star Homes has several approved lenders with various programs that can help you get pre-approved.

Determine Your Location

Determine where you want to live. It will save you a lot of time to determine your desired area first before deciding on your home design, etc. Things to consider include urban development, access to nature, access to work, school, and amenities, and more.

Determine What Type of Home You’ll Have

Once you know where you want to plant yourself, consider what type of home you’d like based on your budget. In Maryland, you have plenty of options, such as townhouses, apartments, single-family homes, new construction homes, and mobile homes.

Save up as Much as Possible

Save where you can for the downpayment, at least. Spend less than you earn, and put the savings away toward your future home.

Hone an Excellent Credit Score

Make your credit score as excellent as possible so you can qualify for a lower interest rate. Pay off debt and be on time with credit card payments.

Find the Best Mortgage Type for You

There are different types of mortgages, but your lender can walk you through your options. You can also save on your mortgage through interest rate buydowns, pre-construction incentives, and other special incentives.

Let Ameri-Star Homes Build Your New Custom Home!

Ameri-Star Homes was built on the idea that a home is not complete until the homeowner is 100% satisfied. That’s right, completely satisfied homeowners. Whether you want a home built on one of our home sites or on your own land, count on the same high quality from Ameri-Star. We have set out to exceed all your expectations of integrity, affordability, and customer satisfaction. Build lasting memories for years to come with Ameri-Star Homes. 

For more information, contact us today at 410-590-1000 or through our contact page. For more helpful custom home tips, keep in touch with us through Facebook, Twitter, LinkedIn, and Pinterest!