First Time Homebuyers in Indianapolis
Not only is the job market growing, but there are also a number of cultural attractions that bring people to Indianapolis. Home to what Child Magazine calls the best children’s museum in the world, Indianapolis is a great place to start a family. As with most major cities, Indianapolis has many different neighborhoods with festivals constantly taking place throughout the city for young people to attend, such as the Independent Music and Art Festival taking place on June 8th. With museums, parks, gardens and historical sites spread around the city, Indianapolis has a little something for everyone.
Purchasing your first home is a big accomplishment, but it can also be intimidating. Many people, young and old, are under the impression that home ownership is out of reach, however there are many affordable homes for sale in and around the Indianapolis area. Whether you are a recent college graduate, looking for a place to raise a family or looking for an upgrade from an apartment rental, home ownership in the Indianapolis area can be a great investment.
Many people are under the impression that they cannot afford to be a homeowner because of the expensive monthly payments; however this is not the case. Making your mortgage payments may not end up being that much more than your current monthly rent payments; and eventually you won’t make payments when your mortgage is paid off. With different mortgage options available there is no longer the need to make a large down payment on a house either. An FHA mortgage loan only requires you to put 3.5% down, and there are some conventional mortgage loans that require as little as 3.0% down.
More often than not, homes will increase in value making home ownership a great investment. Buying a smaller home at a young age has advantages. With the money you earn on your investment you can choose to refinance your mortgage loan, fix it up and increase your value even more.
United Home Loans offers mortgage pre-approvals in Indiana for first time buyers, move up buyers and buyers looking to purchase their dream home. Please call with any questions you may have.
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