If you are ready to make the choice to become a home owner, here are some guidelines to help you make the best decision for your circumstances.
- Understand how much you can pay for a mortgage. The best way to do this is to talk to a mortgage lender. They can go over different loan options with you, review your credit and let you know which loan will work for you.
- Find out how much costs will be involved. When you purchase a home you may be subject to paying a down payment on the home, along with earnest money to hold the house while your loan is approved and possible loan closing costs. These figures will differ from house to house and loan to loan. This is where a mortgage lender can be of so much help.
- Determine where you wish to live. This could be the toughest part of the home buying process. You will likely want a place that offers solid property values with low crime rate and convenience to work, shopping centers and other activities. You may wish to compare a few areas based on property tax rates. One area could save you significant tax money simply because the property tax is lower.
- Decide what features are “must have” for you. Each family and each person in the family will have a different opinion of what the new home needs to have. Young kids will want a big yard with room to play. Dad may want a big garage or a finished basement, or both. Mom may want a giant private bath with whirlpool tub or she may want that nice kitchen with the double oven.
- Look at a few homes to get a feel for the process. Talk to a real estate agent and ask them to show you some properties that have your “must-have” features. Make sure the homes are within your price range. This will allow you to see what you can actually afford and let you know if this is the right time for you to purchase.
For additional first time home buyer program information, please visit our first time home buyer page!
Contact me or apply online to determine if you qualify for a mortgage!You might also like: