The start of a new year is always filled with hope. With twelve long months ahead, there’s plenty of time to accomplish your goals and tend to the tasks that have been on your mind. If one of your goals for 2023 is buying your first home, there are some things you should be aware of before you get started. Below, we’ve listed some important facts that all new homebuyers need to know in 2023.
Are You Ready to Become a Homeowner?
You’ve always dreamed of owning your own home, but is now the right time to make your move? Motivation is key, but it’s not the only factor at play. In addition, you’ll want to make sure that you’re in a good place financially. This means having:
- Good credit
- Money for a down payment and closing costs
- An emergency fund
- Low debt-to-income ratio
- Consistent income and employment
8 Important Facts All New Homebuyers Should Know
Once you’ve checked all the boxes above and can confirm that you’re in a good place financially to move forward, you’ll want to familiarize yourself with the current landscape. Here are eight important facts all prospective new homebuyers should be aware of in 2023:
1. Inventory is steadily increasing.
There has been a shortage in the housing inventory for quite some time. However, it’s steadily improving and we’re seeing more available homes for sale with every passing day.
2. Mortgage rates are hard to predict right now.
Experts are usually pretty good at predicting mortgage rates, but right now, opinions are divided. Some are saying that mortgage rates will remain high while others are saying they’ll come down. Truly, it all depends on what happens in the months ahead. Right now, we just have to hang tight and see how things turn out.
3. You may be able to refinance in the future.
If you’re worried about your mortgage rate, you could consider refinancing in the future. You may be eligible to refinance your loan and get a new rate, depending on the particulars of your agreement.
4. You’ll need to pay closing costs and other fees.
New homebuyers always focus on the down payment, but this isn’t the only expense you should plan for. You’ll also want to consider closing costs and other fees.
5. Home inspections are important.
Don’t skip the home inspection! You might regret it!
6. You should budget for repairs.
Unless you’re buying a new construction home, you’ll want to save room in your budget for updates and repairs.
7. Your lender is there to help.
If you have questions, don’t hesitate to reach out. We’ll be more than happy to help you!
8. Homeownership is an amazing experience.
Owning a home is an incredible experience and one that everyone should get to enjoy! Don’t let the stress get the best of you. Remember, it will all be worth it in the end!
Get Started with Your Journey
Being a new homebuyer is an incredible journey and the experts at Mortgage Solutions Financial are here to guide you. Call today to learn more about your financing options and get started with the application process.