Are you considering buying a home but unsure where to start? In the video below, Deep Creek Lake real estate agents provide an overview of how to buy a home in 2022.
Do You Need to Have 20% Down?
The answer is actually no, but there’s a lot to that answer and to get those true numbers. We always recommend a professional mortgage loan originator, but there are a lot of programs out there. There are various programs that allow for less than a 20% down payment – sometimes as low as 3% down. There are various first time home buyer programs. Also, there are land programs if building is your goal.
Ideally, if you do have 20% to invest in your home, that’s for the best to avoid paying private mortgage insurance (PMI). Your payment will be lower, and you have instant equity in your home.
Do You Need a Buyer’s Agent?
Another important question to consider when buying a home is whether or not you need a buyer’s agent. Unless you’re an experienced agent in the market, it us recommended to work with a buyer’s agent who knows the community, the subdivision rules, or the history of resales. A buyer’s agent can act as a detective, helping you find the information you need to know and making sure you are comfortable with the type of houses available.
If you’re interested in buying a home in Deep Creek Lake, it’s important to work with one of the best Deep Creek Lake real estate agents who knows the area well. Deep Creek Lake real estate is unique. It is helpful to have someone who has experience in the market and can help you navigate the buying process. Working with a buyer’s agent can help ensure that you find the perfect home for you and your family.
Finally, if you’re considering building a home, it may be safer to buy something rather than build. Building a home comes with many uncertainties, including fluctuating building material costs and delays in construction. If you’re building your dream home, it may make more sense to do so, but otherwise, it’s best to buy a home and move in more quickly.
There are many options available when it comes to buying a home, and it’s important to do your research and work with professionals who can guide you through the process. Whether you choose to put 20% down, work with a buyer’s agent, or buy rather than build, it’s important to make a decision that’s right for you and your family.