It’s exciting to buy a home, whether it’s your first one or you’ve bought and sold before. You need a good Realtor to help you get through the process and guide you toward the right home at the right price. We want to be part of your home-finding journey. There are always issues to consider, and we can help you with all of them.
Know Your Time Frame
It’s going to take time to find your new place, and the home-buying process is often quite variable. You should plan on three or four months to find properties, get approved for a mortgage, make an offer, and go through inspections and closing. The loan itself will generally take between 30 and 45 days. It’s better to give yourself plenty of extra time, though.
Be Prepared for the Loan Process
Getting a mortgage approval is intimidating to a lot of buyers. They aren’t sure where to turn or what they really need to do. We’re ready to help you get through everything, but there are ways you can start preparing early. That can make the process easier. First, make sure your budget is ready for a home loan. Look at your expenses and income, and see what you may need to adjust. If you have credit card balances, paying them off can really help you in getting a loan, too.
Another thing you’ll want to do is start getting together the documents you’re going to need, like W-2s, tax returns, pay stubs, bank statements, child support and alimony records, and other documents that can be used to verify your income. Don’t forget you’ll have closing costs, so saving up some extra money for that and checking around for the best deal on a loan is also an important part of the process.
Be Realistic About Your Price Range
The majority of buyers purchase a home that’s approximately one and one-half times to two times their yearly income. A buyer making $50,000 should look for a home costing between $75,000 and $125,000. That makes the payment around 27% of gross monthly income. Any other debt you have will be considered in the process, as well, like car payments and student loans. Your total debt should stay under 40% of your total income every month.
You Want the Right Home the First Time
Moving again in months or years isn’t much fun, and it can get expensive. Fortunately, you can be more prepared for your home search and help avoid buyer’s remorse. start with a list of everything you must have in your new home, and a separate list of the things you’d like but don’t have to have. Consider things like how many bedrooms and bathrooms you’ll need for the size of your family, the location, and any special needs you have. The size of the lot may also matter to you, because it can affect the time you spend doing maintenance.
It’s very important to educate yourself about the process of buying a home, so you’ll get one you love and that’s comfortable for your budget. We can answer any questions you have, and are ready and willing to help guide you through the process.