Buying Your 1st Home in Bangor? 2 Things You Need To Know
Often called the American Dream.
Your own home. Not one you actually own, yet, but one you’ve got together a down payment for and are working towards owning. Paying it down month after month, instead of paying rent somewhere.
Some find it a must-do process. Others are overwhelmed and avoid the process.
However, nobody is going to knock on the door of the place you are paying rent at and gift you your own house. Nobody is going to do the leg work to make it happen, or even to start the process.
But there are a few things you should know if you are looking at what is happening with the housing market costs and what is also happening with inflation and day-to-day expenses.
The cost of borrowing mortgage money is starting to go back up, meaning now might be the time to act.
And there are a couple of things in the news you need to know.
First, the state of Maine is close to approving a proposal to forgive up to $40,000 in student loan debt for some first-time home buyers. So if you’re struggling to pay off a student loan, it might soon be forgiven if you are buying a home that you will live in for at least five years. So instead of making a monthly student loan payment, you’ll be making a monthly mortgage payment and that loan payment goes towards that. Some call it paying yourself.
Second, if getting together the down payment and the costs involved in starting the process of buying your first home is just too much, and you are buying in the City of Bangor, they are offering a program to help those that qualify. Assistance is available for income-qualified applicants. Learn more about Bangor’s program here.
Start with one of the numerous online homes available websites and take a look at what is available for sale and start the process. It all begins with you being proactive. You'll be proud you made the first step.