Buying your first home is exciting — but it’s also one of the biggest financial decisions you’ll ever make. From saving for a down payment to securing the right mortgage, there’s a lot to plan.
At Vizzve Finance, we guide first-time buyers through every step, ensuring your home-buying journey is smooth, stress-free, and financially sound.
Step 1: Assess Your Financial Health
Before house hunting, review your:
Credit Score: Higher scores get better interest rates.
Debt-to-Income Ratio: Keep monthly debts under 40% of income.
Emergency Fund: Have at least 3–6 months of expenses saved.
Tip: Vizzve Finance offers tools to check your credit health and suggest improvements before applying for a home loan.
Step 2: Set Your Home-Buying Budget
Consider Total Costs: Down payment, closing costs, property tax, insurance, and maintenance.
Use a Mortgage Calculator: Understand monthly repayments and affordability.
Get Pre-Approved: Strengthens your offer with sellers.
Step 3: Save for a Down Payment
Aim for 20% if possible, to avoid private mortgage insurance (PMI).
Automate savings with a dedicated home fund account.
Explore Vizzve Finance’s savings tools and investment options to grow your down payment faster.
Step 4: Explore Loan Options
Popular loan types for first-time buyers:
Fixed-Rate Mortgage: Stable monthly payments.
Adjustable-Rate Mortgage: Lower initial rate, but fluctuates later.
Government-Backed Loans: Lower down payment requirements.
Vizzve Advantage: Compare multiple loan offers and find the best rates tailored to your profile.
Step 5: Factor in Ongoing Costs
Even after you get the keys, your budget must cover:
Property taxes
Home insurance
Utilities & maintenance
HOA fees (if applicable)
Step 6: Protect Your Investment
Keep your credit in good shape.
Build a home maintenance fund.
Review home insurance annually for better rates.
FAQs
Q1: How much down payment should I save?
A: While 20% is ideal, Vizzve Finance can help you find low-down-payment loan options.
Q2: Does my credit score matter that much?
A: Yes — even a small score improvement can save you lakhs over the life of a loan.
Q3: How can Vizzve Finance help me as a first-time buyer?
A: From credit checks to loan comparisons, Vizzve offers end-to-end support for your home-buying journey.
Q4: Should I get pre-approved before house hunting?
A: Absolutely — it shows sellers you’re serious and speeds up the closing process.
Published on : 10th August
Published by : SMITA
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