This is the biggest challenge to first-time homebuyers

Private Mortgage Insurance: good for You, Good for your. – Private Mortgage Insurance: Good for You, Good for your Lender Private Mortgage Insurance (PMI) may seem like another cost on your mortgage sheet, but in many cases, it’s a.

And just as first-time home buyers encounter unusual struggles on their. biggest challenge you will encounter as a second-time home buyer.

Data and Methodology. To determine the best cities in the country for first-time homebuyers, SmartAsset analyzed data for every U.S. city with a population of more than 300,000.

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 · Expectation: You’ll Save Money If You Use the listing agent “Many buyers have come to me and said I will get a better deal if I use the listing agent,’ and this is 100 percent false,” said David Feldberg, Newport Beach, Calif.-based broker-owner of Coastal Real Estate Group.

The top 10 US housing markets for first-time homebuyers in 2019. Robert Clark Jan 7, 2019 . 0 Shares. "The biggest challenge for buyers in the 2019 housing market will be finding a home that meets all of their needs, some of their wants, and still falls within their budget," Hale tells.

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One of the biggest challenges for most first-time homebuyers is coming up with enough cash to cover the required down payment and closing costs. The required cash to close can really add up. For example, with an FHA loan you may need to come up with 3.5% of the purchase price for a down payment and a few more thousand dollars for closing costs.

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More than one-third of respondents cited inventory as the biggle obstacle facing first-time homebuyers. respondents also predicted national mortgage rates would need to rise to 5.6 percent, which is 1 percentage point above its current level, before becoming a deterrent to first-time buyers.

Key takeaways. Because it's a major financial decision, home buying requires a business-minded approach. Focus on needs first, and then affordability.