Real Estate of Mind: First Time Homebuyers

HONOLULU (HawaiiNewsNow) - With home prices and mortgage rates at or near historic lows, now is a great time to buy a home. Owning a home can help you build wealth over time.

Henry Baker, a realtor associate with Coldwell Banker Pacific Properties joined us on Sunrise with some tips for first-time homebuyers. Check out the video for the interview.

Tips for the First-time Homebuyer

1.            Start saving for the down payment.  While there are a number of financing options for first time homebuyers, having a solid down payment will help.

2.            Get a credit check.  Find out if there are issues with your credit and address them.

3.            Understand what you can afford by talking to a mortgage loan officer.

4.            Learn about the market by visiting open houses and talking with a professional realtor.

5.            Get into the market.  You may have to start smaller or in a neighborhood that's not your first choice, but getting into the market gives you a chance to trade up as the value of your first home increases as the market increases.

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