First Time Homebuyer Quotes

If you think about it, buying a home is actually three of your biggest financial decisions wrapped into one: Your home is your biggest purchase Your mortgage is your biggest loan Your real estate broker is your biggest professional bill

As a rule of thumb, plan to spend about 1% of your home’s purchase price (or $5,000 on a $500,000 home) each year to maintain it.

Here’s how it works: let’s say your income is $150,000 per year, or $12,500 a month gross. At 36% DTI, your total monthly payments, including your proposed mortgage, taxes, homeowners insurance, and homeowners’ association (HOA) or condo fees can’t exceed $4,500.

have many such memories, but I’ll never forget a meeting with a young blond Senate banking committee staffer in 2003. After hearing our research presentation, she said with a sad little shake of her head, “the problem was we put these people into houses when we shouldn’t have.” I marveled at the inversion of agency in her phrasing. Who was the “we”? Not the hardworking strivers who had finally gotten their fingers around the American Dream despite every barrier and obstacle. No, the “we” was well-intentioned people in government—undoubtedly white, in her mental map. Never mind that most of the predatory loans we were talking about weren’t intended to help people purchase homes, but rather, were draining equity from existing homeowners. From 1998 to 2006, the majority of subprime mortgages created were for refinancing, and less than 10 percent were for first-time homebuyers. It was still a typical refrain, redolent of long-standing stereotypes about people of color being unable to handle money—a tidy justification for denying them ways to obtain it.

From 1998 to 2006, the majority of subprime mortgages created were for refinancing, and less than 10 percent were for first-time homebuyers.