First-Time Home Buyers Tips

You’ve waited a long time for this so it’s worth doing it right the first time. Buying a new home for the first time can be a little daunting, but with the help of a few tips, this difficult-looking task can be a worthwhile journey.

Pay Off Debt

It is expensive to buy a home. Depending on what you are looking for, it could cost AN AVERAGE OF $200,000 or more. Going into this investment, you don’t want to have any other debt hanging over your head. Pay off your car payments, credit card bills, and any outstanding loans. Your biggest loan will come from the mortgage company.

What Can You Afford?

Decide before going to see a realtor how much money you will be able to spend on a house. Trying to get a loan for more than you can afford will put you in a financial crisis quickly. Take into account your bills will be higher including your electricity and water. You will also need to have a security system, which many have monthly monitoring services and homeowners insurance. You can look for decent homeowners policies at Southwest Insurance Center in Austin, TX.

Down Payment

You should put down as much as you can when you first buy a home. The more you have down, the less you will have to pay later. The goal would be to put 20% down, but that is not always doable. Make sure if you have to pay less, get a fixed mortgage rate. That way your interest rate will stay the same for the length of the loan because a variable rate could increase your payments over the years.

Get to the Southwest Insurance Center to find out more information concerning a homeowners policy. These Austin, TX agents can also help you discover auto, commercial, and life insurance policies.

Will my auto insurance really go up if I get a ticket?

Austin, TX is a great place to drive because you can miss out on so much if you don’t have a way to get from place to place any time you like. At Southwest Insurance Center, we help make sure our clients have the auto insurance coverage they need in case they are ever involved in an accident. 

One problem with Texas, though, is that it can be tempting to go fast to cover those long distances quickly. Unfortunately, that can cost you, not just because of the traffic tickets but because you may find your insurance premiums go up after you receive too many points.

Points in Texas

Every time you get a moving violation on your driving record, the Texas Department of Public Safety will assess points. Your driving privileges can be suspended if you get too many points, and the points stay on for three years unless you take an approved class to have them taken off your record. 

This turns into a vicious circle for some people, because they may be tempted to drive while suspended and get more violations.

Higher Insurance Rates

Speeding is associated with accidents, and it shouldn’t be a surprise that even one ticket could cause your insurance rates to go up. In a metro area like Austin, TX, that could translate into hundreds of dollars a year you don’t want to be spending because you made a mistake and got points on your driving record. Since the points stay on for three years, that adds up to a lot of money.

At  Southwest Insurance Center, we understand how difficult it can be to find the best price insurance. We help all our clients to find competitive policies and encourage them to keep their records clean. If you have any questions or want to get a free quote, call Southwest Insurance Center today.