First time buying a home? Woohoo! More space, no landlord telling you what to do, room for a new furry friend—we get it. Your first home is a huge milestone, no matter what stage of life you’re in, and Amber Uhren can help guide you through it. Contact our team to find out more about our first time home buyer program in Billings.
Before you decide, there’s a lot to consider when it comes to buying your first home.
Maybe you already know this, but buying a home is a smart investment. It takes the pain away from tossing money at rent every month, and if you’re planning on starting a family (or already have one), it gives you more long-term leverage for building assets and wealth.
Determining what you can afford is key—usually a down payment costs zero to 20% of the purchasing price. Amber Uhren can guide you through federal and state first time home buyer programs in Billings that lower costs, as well as lead you to year-end tax breaks which are also enormously helpful.
In addition to a down payment, you need to consider:
- How much money can you pay on a mortgage every month?
- Do you have enough cash to pay monthly insurance, HOA fees, and one-time expenses?
- Are you willing to pay for repairs, maintenance, etc.?
We know—it’s a lot to think about, but these factors are important, and The Realty Billings Team is here to support you, all the way.
01
- GETTING READY
- There are a lot of considerations when purchasing your first property, but it’s worth it—trust us!
04
- CREDIT SCORE
- Your credit score is an important factor in applying for a mortgage—if it’s too low, you may need to take some time to reconsider, or to strengthen your credit.
07
- HOME INSPECTION
- Before you close on your sparkling new digs, you’ll want a home inspector to look everything over—carefully.
02
- MONTHLY INCOME AND COSTS
- You will need to do the math for monthly income, expenses, and bills—to make sure you can adequately meet new commitments.
05
- HOMEOWNER’S INSURANCE
- Without homeowner’s insurance, you can’t apply for a mortgage.
08
- APPRAISAL
- Getting your new home appraised ensures you’re paying a fair price for what you get.
03
- DEBT
- If you have debt, you’ll need to factor this in as well—it shouldn’t be more than 40% of your income.
06
- INITIAL COSTS
- You’ll need enough cash for the refundable “earnest money” deposit, the down payment, and any closing costs.
09
- CONGRATULATIONS!
- The Realty Billings Team knows it can feel like a lot, but don’t let it intimidate you—we’re here to make the whole process more empowering than imposing.
01
- GETTING READY
- There are a lot of considerations when purchasing your first property, but it’s worth it—trust us!
02
- MONTHLY INCOME AND COSTS
- You will need to do the math for monthly income, expenses, and bills—to make sure you can adequately meet new commitments.
03
- DEBT
- If you have debt, you’ll need to factor this in as well—it shouldn’t be more than 40% of your income.
04
- CREDIT SCORE
- Your credit score is an important factor in applying for a mortgage—if it’s too low, you may need to take some time to reconsider, or to strengthen your credit.
05
- HOMEOWNER’S INSURANCE
- Without homeowner’s insurance, you can’t apply for a mortgage.
06
- INITIAL COSTS
- You’ll need enough cash for the refundable “earnest money” deposit, the down payment, and any closing costs.
07
- HOME INSPECTION
- Before you close on your sparkling new digs, you’ll want a home inspector to look everything over—carefully.
08
- APPRAISAL
- Getting your new home appraised ensures you’re paying a fair price for what you get.
09
- CONGRATULATIONS!
- The Realty Billings Team knows it can feel like a lot, but don’t let it intimidate you—we’re here to make the whole process more empowering than imposing.