This is when and how to buy your first home, according to BarbaraCorcoran: via CNBCMakeIt
Self-made millionaire and star of ABC's"Shark Tank" Barbara Corcoran wants you to buy a home ASAP if that's something you can do.
That meant that"by the time I had the money for a one-bedroom, it only bought a studio, and it just went on and on and on and left me behind," she continues."What I learned from that experience is: The minute you can afford something, plunk the money down and get in there."Before trying to buy a home, you want to know where you're at financially, which means checking your credit score.
While this formula assumes you'll be able to make a 20 percent down payment,"if you haven't been able to muster 20 percent together, you shouldn't lose heart," Corcoran says. Some experts, like Bach, say a down payment of at least 10 percent is OK, though more is always better. As a first-time homebuyer, be prepared to start small, Corcoran adds:"If you're thinking about buying your first one-bedroom, change your thinking: Buy your first studio instead. If you can't afford a good studio, buy a little studio. The reason being is you want to trade up.
Closing costs vary depending on where you live and the type of loan you choose, but you can expect them to tack an additional 2-5 percent of the total cost of the home onto the final price. That means, if you're buying something for $200,000, you'll owe anywhere between $4,000 and $10,000 in fees.
If you can be flexible about where you live, she suggests you consider buying in a city that can give you more bang for your buck, like Nashville, Austin or Denver."Before you go out shopping for your first home, the most important thing you have to do is to qualify with a bank for your mortgage in advance," says Corcoran.
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