Homebuying and Home Loan Basics
For First Time Home buyers - Click
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Find out How Much Mortgage Can You Afford
You can save yourself a lot of wheel-spinning if you take a minute
to figure out how much
mortgage you can afford. Generally, a lender will want
your monthly mortgage payment to total no more than 29% of your monthly
gross income (that's your monthly income before taxes and other paycheck
deductions are taken out.) You also need to consider current loan
interest rates. The lower the interest rate, the more expensive the
home you'll be able to afford. Follow our tips and use these
simple calculators to see how much you can afford in
a mortgage payment.
Create Your "Wish List"
Make your wish list. Focus on the features you want in a home: 2
bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're
looking for will help you focus your search.
Mortgages and Home buying Programs
Many different kinds of mortgages are available to you. Read
about them, and make sure you understand the pros
and cons of each. Roberts Custom Homes can help you.
Shopping for a Home
Now you really begin house-hunting. Roberts Custom Homes and his
team will be able to find listings for you, based on your wish list.
But don't stop there! You can do your own looking, and then ask Roberts
Custom Homes to show you the house. Start with the Internet. Pick
up real estate flyers at local grocery stores and convenience stores.
Read the real estate sections of your local newspaper. Drive around
neighborhoods that interest you and write down addresses where there
are "for sale" signs. Go to open houses. Try everything!
Building a Home
If you want to build a new home, there are other things you need
to know before you begin. Learn about construction standards and
about buying land, so you know your rights.
- Ask about Minimum property standards
- Do you want to buy land for a home?
Manufactured Homes
Manufactured homes can be a great alternative for first-time home
buyers. Again, it's good to know how the laws protect you.
Rehab a Home
You may want to consider buying a "fixer-upper." If so,
there are federal programs that can help you finance your repairs.
Home Inspections
When you make an offer on a home, it's a good idea to make your
offer contingent on a home inspection, conducted by an independent
authorized inspector. You will have to pay for this inspection yourself,
but it could keep you from buying a house that will cost you far
more in repairs, down the road. If you are satisfied with the results
of the inspection, then your offer can proceed. If you aren't,you
may want to negotiate, asking the seller to pay for certain repairs
or asking for a lower price.
Appraisals
Your lender will require you to get an appraisal of the house you
want to buy, to make sure it's worth the money that you're borrowing.
You may select your own appraiser, or you may ask your real estate
agent to help you take care of that.
Homeowner's Insurance
Lenders require that you have homeowners insurance, to protect both
your interests and theirs. Like everything else, be sure to shop
around for insurance that fits your needs.
Settlement or Closing
Finally, you've gone through the whole process, and you're ready
to go to "settlement" or "closing." We know you'll
be excited, but be sure to read everything you sign!
Moving
Looks like you're ready to move. There's a lot to consider as you plan
your move. The good news is that there's lots of
help. |
