Helpful Tips For First Time Home Buyers
Posted by Unknown on 1:09 AM with 4 comments
While buying your first home is quite exciting, there is a great deal of financial responsibility tied to being a home owner. Therefore, you might be feeling a bit overwhelmed with all the details and expenses. Read on, and consider the following information before you buy.
Sometimes you have no idea how much you should spend on a home, and one quick way to get a general idea is to go through a process known as pre-qualification. Usually this can be completed with a quick phone call to a lender or even online. You provide some basic information about your income and debts, and a lender will give you a general picture of how much they might be willing to give you.
This doesn't guarantee that you can get a loan, but the lender can give you a general idea of the home price range you can afford. Then you can take a good look at your finances, create a sample monthly budget and consider what you are comfortable paying each month. In addition to your monthly mortgage payment, you need to factor in all of your monthly expenses, including food, entertainment, transportation expenses and all other expenses. Your house expenses not only include the mortgage payment, but also the cost of a home warranty, homeowners insurance, property taxes and homeowners' association fees.
After you work it all out and decide what fits within your comfort zone, then you need to go to a lender and begin the process known as loan pre-approval. This is a much bigger deal than pre-qualifying. The lender will run your credit report, study your income, look at your debts and assets and determine a figure that they are willing to lend to you. It might end up being less than the pre-qualifying amount but it's far more accurate and it's much better to have this loan pre-approval before finding the house you want to buy.
When searching for homes, the most important aspects to consider are the location of a home and the "bones" of a home. A busy street, an undesirable neighborhood or a home too far away from your workplace, friends and family all might make the home's location undesirable. Just remember, the location can never be changed nor can the size of the yard and, for the most part, the size of the home. However, you can change wall colors, knock down some walls, rip out wallpaper and update floors and countertops. Perhaps you cannot do that right away, but if the home has a good layout with good-sized rooms and the location is great, this might be an excellent choice if it's comfortably within your price range.
In Texas, one of the most desirable areas is Texas Hill Country, and if you want to search for homes for sale in Fredericksburg or homes for sale in Kerrville or perhaps San Antonio, contact a real estate firm that specializes in this popular Texas region. Nixon Real Estate has been helping clients find homes in this area for more than three decades and can help first-time home buyers through the entire process of finding and buying their new home.
Sometimes you have no idea how much you should spend on a home, and one quick way to get a general idea is to go through a process known as pre-qualification. Usually this can be completed with a quick phone call to a lender or even online. You provide some basic information about your income and debts, and a lender will give you a general picture of how much they might be willing to give you.
This doesn't guarantee that you can get a loan, but the lender can give you a general idea of the home price range you can afford. Then you can take a good look at your finances, create a sample monthly budget and consider what you are comfortable paying each month. In addition to your monthly mortgage payment, you need to factor in all of your monthly expenses, including food, entertainment, transportation expenses and all other expenses. Your house expenses not only include the mortgage payment, but also the cost of a home warranty, homeowners insurance, property taxes and homeowners' association fees.
After you work it all out and decide what fits within your comfort zone, then you need to go to a lender and begin the process known as loan pre-approval. This is a much bigger deal than pre-qualifying. The lender will run your credit report, study your income, look at your debts and assets and determine a figure that they are willing to lend to you. It might end up being less than the pre-qualifying amount but it's far more accurate and it's much better to have this loan pre-approval before finding the house you want to buy.
When searching for homes, the most important aspects to consider are the location of a home and the "bones" of a home. A busy street, an undesirable neighborhood or a home too far away from your workplace, friends and family all might make the home's location undesirable. Just remember, the location can never be changed nor can the size of the yard and, for the most part, the size of the home. However, you can change wall colors, knock down some walls, rip out wallpaper and update floors and countertops. Perhaps you cannot do that right away, but if the home has a good layout with good-sized rooms and the location is great, this might be an excellent choice if it's comfortably within your price range.
In Texas, one of the most desirable areas is Texas Hill Country, and if you want to search for homes for sale in Fredericksburg or homes for sale in Kerrville or perhaps San Antonio, contact a real estate firm that specializes in this popular Texas region. Nixon Real Estate has been helping clients find homes in this area for more than three decades and can help first-time home buyers through the entire process of finding and buying their new home.
About the Author:
Pammy McGrath likes reading about real estate blogs. If you are looking for licensed real estate Fredericksburg TX agents, or to discover a homes for sale in Fredericksburg TX, please check out the Nixon Real Estate site today.
Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. Mobile home buyers
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