Preparing For Owning Your First Home
The First 6 Steps
- Know your credit score.
- Determine how much you can afford.
- Set aside funds for down payment,and closing costs.
- Establish a savings account.
- Get preapproved for a mortgage.
- Locate the home that fits your needs.
Are you ready to buy?
Our team can consult with you in prioritizing the first 6 steps and guide you through the entire process. We can direct you to local lenders, review your budget, establish a plan, find you the right, and so much more.
How much can you afford?
When purchasing your first home its important to stay focused on what the monthly payment will be. Although you might find a home you love the question would be can you actually afford that particular home at this point in your life. This is where your debt -to-income ratio would come in to play
What is your debt-to-income ratio?
Debt-To-Income ration is what lenders will use to qualify you for your loan. Your overall debt should not be more than 40% of your income, and your housing debt should not be more than 32%.
We Can Help
Our real estate team is dedicated to helping you find the right home, the right location, the right schools all at the right price.
Always keep your budget in mind for when you find a home you like it is easy to step outside of what you can actually afford. When you are working with a member or our team , together we can review the specifics of each home- price, location, age, condition and amenities. We can help keep you focused on the budget while still keeping our eyes out for a great property.
Make the offer. We will prepare the paperwork and go through each document with you before submitting it to the sellers broker. Remember, the seller may reject or counter your offer. Therefore, avoid setting your heart on the home you hope to own until all papers have been signed. A deposit check to the seller's broker will be required that provides proof of our sincere desire to purchase his/her home.
Home inspections. A complete home inspection will be conducted once all parties have signed. This will include a pest inspection as well to ensure there has been no termite activity. Inspections are typically paid for by the Buyer. We as your agent will be scheduling these inspections for you.
The final walk through will be conducting few days prior to closing on your new home to make sure all necessary repairs have been completed.
From the first point of contact that details what you are looking for in a home to the moment that we deliver the keys, we will be with you every step of the way. Don't hesitate to contact us to find out more about how we can make the home buying process efficient, simple and exciting!
Contact us for more information about first time home purchasing.