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First Time Home Buyers, Can You Afford To Buy A House?

First Time Home Buyers, Can You Afford To Buy A House?

Like most things in life, before the purchase the question needs to be asked “can the first time home buyer for a Maine home afford to buy?”

If around the buyer he or she, they see one by one Maine homes being listed left and right. Then witness the change to sale pending, quickly to sold. It is easy to step up.

When they think they heard the word “next!”.

And move along in the line to have the first time Maine home buyer’s set of keys to their own place.

Cause it’s crowded, they need their own place. It is time to stop sharing space.

So should I rent or buy a Maine home and the timing of when to consider either.

Our real estate office fields lots of inquiries about “rent to own Maine homes“.

Buying a place with seller financing help that happens with Maine land. With houses involved, not so much. Because the current Maine home mortage holders get upset. Plus the time to pull off the pay as your go, rent with option purchase is way way too long for most sellers. Who want, need to replace the Maine home with another wherever they are headed on the globe.

So the first time home buyer of a Maine house has to ask are properties cheaper to own then rent? In my area the answer is a definite yes. Byt then the issue becomes can I buy a Maine home?

A lender, Maine home loan banker comes into the picture next.

realtor logoBefore getting the buyer’s heart all lovey dovey, mushy, lub dub over the place of their dreams. Because heart break happens in life, in finding the right Maine home. Being able to get the keys to it and call it Home Sweet Maine Home.

Being pre-approved for a first time Maine home loan mortgage is a beautiful thing. It tells the agent, broker, seller that these folks have already been to the bank. Where they are going to haul anything back to when they fish and find a Maine home for financial inspection.

Reel in and have to drag back to the Maine bank to get money from the vault to buy.

Most first time home buyers of Maine houses need that bank’s strong lending arm. So involving the financial mortgage lender early on is key for keys to the Maine

The pre-approval that is thorough for the Maine home. Not just the sheet with the logo on top handed to you, everyone as you enter the lobby.

Because everyone is approved subject to eighteen and growing little pesky items. That need the turn your head and cough one by one thorough inspection.

To truely be pre-approved for the first time Maine home buyer, any kind of mortgage loan.

Credit scores, debt ratios to show how much of a financial load you are carrying. To see if anything is left over at the end of the pay period for savings. The ladded weight of property taxes, Maine house insurance, house maintenance and such. Determining do you pay your bills on time comes up in the look see. Or pretty much when you get around to it, feel like it now and then?

Credit scores under 620 mean tough sledding to get that Maine home loan. The no or low down payment mortgage programs are more finnicky. Exotic lending could mean you pay three percent more interest than others with excellent credit do for their Maine homes. houlton maine photo

720 or higher credit score and you should be able to get the pick of the pack.

The cream of the crop on the Maine home mortgage rates being offered on that first or any house loan.

Clearing up any errors on your credit history report takes time, explanation.

Saving up closing costs on the Maine home loan does too. Otherwise you would  be good to go. Already be in great shape and flush with cash socked away, earmarked for just this purpose. Giddy up for the home home on the range.

Most sellers just don’t hold up the house show until you and the bank work through the kinks. Can not blame them right? They are ready to sell but you might not be ready to buy that Maine home. That could take time to go through the bank’s hurdles obstacle course.

Or end up with the dreaded  rejection letter. Saying sorry, better work on this, this and oh yeah that too. And come back in six months, a year and let’s give this first time Maine home buying machine handle another strong, heck of a yank on the crank.

I’m Maine REALTOR Andrew Mooers, ME Broker

207532.6573  |  [email protected]   |  MOOERS REALTY 69 North St Houlton ME 04730


Andrew Mooers

Welcome to our Maine real estate website. I am the father of four grown children, have listed, marketed, sold properties for over forty years. Lots of changes in the real estate industry over that many decades and daily we re-invent our job. I grew up on a Maine farm that I bought from by three older brothers. My youngest son continues in the tradition on that same Maine farm. Here to help with property searches for homes, farms, land, waterfront, multi housing rentals, small mom and pop business listings.

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