If you are considering making your first home purchase, there’s no better time to start getting serious about your plans than now. First-time homebuyers are continuing to increase. One-third of purchases in May 2015 were by first-timers, and about sixty percent of potential first-time buyers are looking to purchase in the next two years. This means the competition amongst your peers will only increase.
Scoring the best first time buyer mortgage is nothing short of a life lesson and adulthood feat. Going through the qualification process deliveries ample education to our brains- for most of us, in an industry about which we don’t typically study! Understanding the mortgage first time buyer rates can be confusing, but maximally rewarding once you purchase and have better grip on how the market works for future investments.
Choosing where to set up life takes us all across the globe. Today, we want to share with you why Arizona is a good place for first time buyers. We might be slightly biased by the sun, but take a look at the data! It agrees with this desert oasis as the perfect space to set up your future.
- Home values are lower than sale prices, meaning that mortgages are more affordable than renting rates.
- Phoenix is one of the country’s largest cities, but surrounding Phoenix-area cities top the charts for best medium-sized cities. Included here are Gilbert and Chandler, where crime is low, housing is affordable, and the buzz of busy city life is nearby.
- Home Plus Home Loan Program helps first-time buyers find down payment assistance for up to four percent of the secured loan amount
- Phoenix offers an easy quality of life. Streets and highways are well mapped and placed, making navigation of the city a smooth experience.
- In a recent WalletHub study, Phoenix scored 29 out of over 200 cities in the following categories: cost of living, affordable housing, real-estate tax, rent-to-price ratio, home-price appreciation, property crime rate and home-energy cost.
If you are in the market for a first time mortgage, get in touch with Nova Home Loans. Our team is committed to getting you the best deal possible, while also making sure your education about the process is sufficient to make a sustainable, contributing member of our real estate market and economy. We wish you luck house hunting, and eagerly await joining you on this journey!