Buying a home is an exciting and often overwhelming experience, particularly if you are buying your first home. As your Agent or Broker, we can help you through the home- buying process and assure that you find just the right home, at the right price for you.
Your numerous concerns are normal. We are here to help you with each one:
With so many variables in the home-buying process, the time it takes to find and buy your new home will vary, too. A typical home search process takes two to three months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process. The loan process typically takes 30-45 days or special cases, 10-21 days.
Perhaps one of the most intimidating aspects of buying a home is the mortgage approval process. We are here to guide you through this, and when you prepare early the process becomes even smoother.
Start by making sure your budget is under control—make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances. Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs.
A general guideline to consider is that most buyers purchase a home that costs about one and a half to two and a half times their current annual income. Mortgage payments should be about 26-28 percent of your gross monthly income. Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income. Click here to use this easy mortgage calculator to get an estimate of monthly payments.
Before you start looking at properties, make a list of “must-have” features along with optional features you’d like to have. “Must-have” features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs (handicapped access, etc.). Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help us find the best match property for you.
As your Agent or Broker, we are here to answer any questions you might have and guide you through this process.
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