Are You Ready For Home Ownership?
Owning your own home is a goal for most people and with it comes control over your own lifestyle choices such as decorative style, pets and use. However, it also binds you to a degree to the property as you now have a mortgage, taxes and maintenance your are responsible for. Home buying requires a review of what you want and a strategy to reach your home ownership objective.
Questions for First Time Prospective Home Buyers
Are you ready to buy?
Owning your own home is the most practical choice you can make if you are looking at being in the home more than a couple of years. It is often the better choice in a strong economy to see your investment grow. The first step in home ownership is to speak with a lender to get pre-approved to determine how much house you can afford, and more importantly, how much you want to spend per month on your mortgage.
How much can you afford?
A lender will take into consideration other items such as debt/assets and credit score, but our Mortgage Calculator can give you a quick ballpark number as to how much house you can afford, so you have an idea of what price range home you should be looking at.
What is your debt-to-income ratio?
Lenders prefer that your overall debt not be more than 40% of your income, and your housing debt should not be more than 32%. That amount will get you a variety of different home choices depending on where you are looking for a home. A slightly longer commute each day may get you a much larger and nicer home than one that is a little closer in to a popular area.
Down Payment & Closing Costs
There are a variety of loan options out there and your lender can go over different programs with you like First Time Home Buyer programs, VA loans, FHA Loans and Conventional Loans. Keep in mind that most loans are going to require some type of down payment. In addition, you will also have some type of closing costs to acquire your new home. If you are tight on funds, there are common options out there you can discuss with your lender and real estate agent to help reduce the funds needed to close.
What do you want?
Do you prefer a maintenance free lifestyle? Then Townhomes or Condos may be a better option for you. Do you like to prefer to not have any rules as to how you paint your home? Then a neighborhood without an HOA may be your best option. Have kids? Is a community pool and playground a must for you? How about getting into a good school zone? Is a gate at the neighborhood entrance important? What part of town do you want to live in? These are just some of the questions we will ask you to help you find the perfect home. Complete our Home Finder Form and we will send you a list of properties that meet your exact criteria.... and then automatically update you if something new comes onto the market!
We Are Here to Help.... and at no cost to you!
Our team of agents knows the area and the market and we will work hard for you to find the perfect home at the best price. What's more, the buyer never pays the real estate commission or fees. The seller is responsible for the real estate fees, so while we work for you, our services cost you nothing!
We are with you every stop of the way
We not only help you find your home, but are there for you during the offer, negotiations, home inspections, appraisals, walk-through and closing. We work with your lender and the title company to facilitate a smooth and easy closing process for you.
Contact us for more information about first time home purchasing.