Buying your first home? There are many factors that first time homebuyers don’t consider until after the fact. So, we encourage you to do your homework. First off, you want to look at your lifestyle. Look at it FIRST as your lifestyle investment, and secondly, your financial investment. Do you see yourself in a kid-friendly neighborhood, mowing the lawn on Sunday morning?  Or did you want condo living?  Did you want a newer home or older home? Are you handy? Discover Bloomington real estate for sale.
Are you planning on staying in the Bloomington area for a while? Do you think your lifestyle needs will change in a couple of years? If so, think long and hard if you’re ready to take the plunge. If you truly think you’ve settled – at least for a while, now has never been a better time to buy. In this market, you will of course need a decent down payment. You will also need to qualify for a mortgage—something not everyone can do these days… The 28 percent to 36 percent debt ratios assume a 10 percent down payment. In practice, down payment requirements vary from more than 20 percent to as low as 0 percent for some Veterans Administration (VA) loans.
Down payments greater than 20 percent generally buy a better rate. Lowering the down payment increases leverage (the opportunity to make a profit using borrowed money) but also increases monthly payments. Then, you have inspection fees, closing fees, attorneys’ fees, “points”, and more. Once you are in the property, you must factor in property taxes and possible HOA’s as well.
Really look at the neighborhood. Maybe you don’t have kids now, but that could change. How are the schools? Is there a school close by? Any parks? Parks and good schools are known to increase your property value. Crime rates, traffic, transportation are other key factors to look at.
Mortgage rates just hit an all time low. If you have done your homework (and If you are reading this, kudos to you for researching), there has never been a better time to buy in recent history. Take advantage of a fixed 30 or 15 year rate and watch your investment rise throughout the years. Find your Bloomington home for sale today.
