Becoming a Homeowner This Spring!

The weather is warming up, the birds are chirping, the flowers are growing, and you're thinking of becoming a homeowner...NHS of New Haven wants to help! 

We have three tips to help ensure you find the right home for you.  

Mortgage rates are very low and home prices are stable or rising in New Haven and throughout all of Connecticut, so to get a leg up while you can! We recommend that prospective homebuyers follow three simple rules to help make one of your biggest purchases go smoothly.

1) Consult a housing counselor for your homebuyer "check-up". 

Knowing the numbers that matter when buying a home is extremely important. More than two-thirds of consumers in a NeighborWorks America survey said that the home buying process is complicated. 

The best way to get a thorough understanding of the entire process is to consult with one of our housing counselors. The staff at NHS are certified professionals who will walk you through:

• the different types of mortgages and interest rates; 
• the effect your credit score has on being approved for a loan; 
• how much down payment is needed for your purchase, and 
• how much home you can truly afford.

To be in the strongest position to make an offer that is accepted, you have to be prepared. That’s where initial consultation with a housing counselor is vital, even before meeting with any other professionals involved in the process.

Check out our Know Your Numbers video here:

To schedule a meeting with an NHS counselor, create a profile here. 

2) Build a budget

There’s no better way to know how much money is coming and going than with a budget, and

becoming a homeowner without a clear budget could be a recipe for disaster. Did you know that national surveys have shown that less than one-third of consumers have a budget?! Give yourself a leg-up on the competition: go into home buying with a budget that includes:

• potential commuting costs after you move into your home;
• home maintenance expenses (there will always be something!); and 
• even estimates for changes in your life, such as becoming a parent or paying for college 

Keeping all these numbers in your budget before you buy your home will provide you much-needed peace of mind.

3) Be determined, but stay informed

Finding the right mortgage and the right home takes time, and it’s natural to want to shorten the

process. However, making a winning bid on a home that isn’t right, and cutting corners to do so, could lead to some serious trouble. For example, forgoing a home inspection to speed things up, or not fully understanding the terms of the mortgage are ingredients for problems down the road.

Once again, trust your NHS mortgage counselors to guide you along the way. Ask as many questions as you want -- throughout the entire process, let us join you on your journey toward homeownership, and we'll take you exactly where you want to be.

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Family by Family. House by House. Positioning Neighborhoods to Succeed.

phone: 203-562-0598

address: 333 Sherman Avenue, New Haven, CT 06511          

site: www.nhsofnewhaven.org

facebook: /NHSofNewHaven

twitter: @NHS_NewHaven

NHS of New Haven is a NeighborWorks America chartered member.