Getting Started - Buyers
So, you want to buy a new home? Here's a what you'll need to do to get started...
Call a Mortgage Broker or Lender
The first step in the home buying process is to find out what you can afford and what your financing options are. A Mortgage Broker or Lender can pre-qualify you in minutes. They will ask you specific questions about your job history, your credit, your debt ratio, how much money you have for a down payment, etc. From there, they can give you a good indication of what a bank can offer you in terms of a loan in order to purchase your new home.
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Set Your Budget
Now that you have determined what you qualify for, it's time to sit down and determine your budget. Based on the loan that you qualify for, your lender should have given you an idea of what your monthly payment will be. Of course, all lenders will give you the maximum amount of money that you are qualified for. The question is, are you comfortable with that monthly payment to pay back the loan?
Determine Your Price Range
Once you have determined what monthly payment you are comfortable making, check back with your lender. Re-calculate and determine what your maximum home purchase price is based on your monthly payment. Now you should have a price range that is suited to your personal budget and needs.
Evaluate Your Needs vs. Wants
Now that you know what you qualify for and what your price range is, sit down and decide what you really NEED and what you WANT in your new home. This will help direct your search by determining what you can live with and what you can't live without!
Scope out your Location, Location, Location!!!
Based on your price range and your needs and wants, where do you want to live? Where can you get the most for your money? What area is closest to your work?... has the best schools? ...is closest to your relatives? There are alot of things to consider here! You'll need to weigh all factors and determine what area makes the most sense for you.
Set Your Timeframe
Now that you have figured out where you want to live and what type of home you are looking for, you need to re-visit the age old question: when do I want to move? Make sure that your goals to find a new home are realistic. You will need about 30 days to secure a loan and close on the property of your choice. And, of course you will need time to search for and locate your new home. Typically, you can find a place and close on a property in 60 days, sometimes less. If you are unsure about your timeframe and your goals, call me and we will determine if your goals are achieveable.
Let's Get Started!!!
There's no time like the present! Give me a call and let's getting started with your search.