The local real estate market is only just beginning to heat up for the summer season and while inventory is on the lower side, demand is still high! Many buyers are browsing available homes in West Virginia's Eastern Panhandle, ready to make a move, and many of them, for the very first time! If you're a first-time homebuyer in Jefferson or Berkeley County, you can count on the Kable Team to walk you through the process every step of the way!
Below are three ways you can prepare to buy a home this summer in Martinsburg, Hedgesville, Harpers Ferry, Charles Town, Ranson, Inwood, Falling Waters, or Sheperdstown:
Understand your costs
Buying a home in West Virginia is not something to dive into without first doing the necessary research. When you rent a home, your single rental fee covers your payment for the month. When you own a home, your payment will go to cover the principal, interest, taxes and insurance. All of these should be factored into your budget when determining how much you can afford in a new Jefferson or Berkeley County home.
Find the best mortgage fit
A mortgage is not a one-size-fits-all program. In fact, there are many different types of loans with varying terms and conditions. You may be more interested in a shorter term mortgage—a 5-year ARM perhaps—but with that may come an adjustable interest rate after the loan period is up. If you do not have 20 percent to put down on a home, you can still get a mortgage, but will need to factor private mortgage insurance (PMI) into your overall payment. It's best to look into the many types of mortgages and their rates before deciding on the best fit.
Groom your credit score
Your credit score will play a major role in your being approved for a mortgage. If your score is not in its best possible shape, take the time to pay down high interest debt and credit cards before applying for a loan. If you spot any errors on your report, take the necessary steps to correct them before you meet with a lender as this can take months to resolve.
Are you ready to get started on finding your dream home in the Eastern Panhandle? Give us a call today!
The Kable Team
Kable Team Realty
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