So now when you have finally come up with the decision to buy your first home, you must be feeling very excited. But it might sound daunting if you are a bit unprepared to make a home purchase. To lighten the big load, here are few steps to make the home buying process easier for all first time home buyers out there:
Ensure to list price of all the properties on sale where you would like your new home to be. You can hire a realtor, go through the classified ads and also visit websites to get some idea about the type of home you could afford to pay for. You can also consult your family, friends and colleagues to gather more information.
Talk to few lenders and find out what type of mortgages are available and which one you can afford. You can also make use of a mortgage calculator and evaluate the mortgage value you are eligible for. You will need to provide few details like your annual income and expenses to assess the correct mortgage value.
Talk to four to five lender agents and collect a free quote from each. This will comprise of factors like interest rate, loan term and the monthly mortgage payments. Do not miss to ask if the payments would be fixed or will be changed after a certain period of time. This will give you a clear idea about what type of mortgage would be beneficial in order to maintain your family budget.
Make a note of your month to month mortgage payments, property taxes and home insurance as well. This will let you decide the exact value of mortgage you should apply for as a bank may find you eligible for a condo but additional expenses may not.
Never miss on this one, what would be the complete amount of transaction? This is what can break or make your home deal; you should be ready with more than cash that is required on and after making a home purchase. These expenses may include the county fees, taxes which are on the top of the asking price of a home being sold.
Above all the aforementioned, calculating a budget is of utmost importance. Family expenses including household, child education fees can highly impact your budget once you will have the home ownership. It is also advisable to save an essential part of your income on a regular basis and keep a hold on the expenses to avoid any kind delay in the mortgage payments.
Last but not the least; find out if the area where you have decided to invest is not prone to foreclosure crisis. You may ask your realtor to survey the area and provide you as much details about the property as possible. Any negative aspect may impact your decision or may further benefit you to negotiate on the asking price.
There are many things to consider when it comes to buy a house but these few tips can altogether help you to successfully climb the first step of the home buying ladder.
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