7 tips for first-time homebuyers

Buying a home requires financial planning and should not be considered solely as an investment. It is advisable to keep housing costs below 31-40% of income and to use a mortgage calculator to determine affordability. Improving credit scores can lead to lower mortgage rates. Homebuyers should be prepared for additional costs like property taxes and insurance, and save at least 20% for a down payment to avoid private mortgage insurance (PMI). Having necessary documents ready for the loan process and getting pre-approved can demonstrate seriousness in competitive markets.