6 essential home buying tips for first-timers - KMSP-TV

6 essential home buying tips for first-timers

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Now that springis upon us, many Minnesotans will start searching for a new home. For someyounger buyers, it may be the first time.

Financial planner Sophia Bera talks tips for first-time home buyers.

TIPS

-Putting 20% down avoids private mortgage insurance

-Don't useall your savings on a down payment

-Have 3 to 6 months of net pay saved for emergencies

-Remember maintenance, utilities, taxes and insurance costs

-Consider what percentage of your pay you want to go toward house payments

-Consider life changes like a potential job and relocation before purchasing

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