When you buy your first home, it's easy to get caught up in the fun of looking at houses and imagining life in your first home. You also might be worried about managing mortgage payments and dealing with chores of being a homeowner. The following tips might ease some of your worries about buying that first home.
While you need to decide what type of home you want and where you wish to live, the first thing you need to consider is how much you can afford. To get an initial picture of how much you can afford, get pre-qualified for a loan. This usually costs nothing and often takes just a few minutes, and you can even do this online. Basically you just share some basic information with a lender such as your total income, your debts and whatever assets you already possess, such as you vehicles.
Many people mistakenly believe that pre-qualifying means you absolutely can get a specific loan amount. It doesn't. It's just an estimate of how much you might be able to borrow, but with this in mind you can begin crunching numbers and setting up a reasonable monthly budget. First you need to write down every monthly expense you have. This includes car payments, utility payments, cable payments, gym memberships, student loan expenses, gasoline costs, food costs, entertainment expenses and much more. Remember you will be paying property tax for the home and you also will need homeowners insurance. Many houses also are located within an association, and there could be a hefty monthly fee for this as well.
From there, your next step is to actually sit down with a lender and get pre-approved for a loan. This process takes longer than pre-qualification, and the lender will review your finances and credit score carefully and determine an amount that his bank is willing to lend you. It's best to do this prior to house shopping because it provides your realtor of a clear picture of your budget and it helps when you negotiate with a seller.
Often buyers, especially first-time buyers, have a difficult time selecting a great home. The most important things to look at include the location, the size of the home, the layout of the home and the yard. You might be enchanted by an upgraded kitchen with all the bells and whistles, but what if the home is too far from work or the street is busy and noisy? You can change cosmetic features such as countertops and wall color, but you can't move the house and you really can't make it bigger. A tiny yard will always be a tiny yard, a house by the railroad tracks will always be the railroad tracks. Simply put, don't judge a home by its tacky wallpaper and outdated appliances.
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.
While you need to decide what type of home you want and where you wish to live, the first thing you need to consider is how much you can afford. To get an initial picture of how much you can afford, get pre-qualified for a loan. This usually costs nothing and often takes just a few minutes, and you can even do this online. Basically you just share some basic information with a lender such as your total income, your debts and whatever assets you already possess, such as you vehicles.
Many people mistakenly believe that pre-qualifying means you absolutely can get a specific loan amount. It doesn't. It's just an estimate of how much you might be able to borrow, but with this in mind you can begin crunching numbers and setting up a reasonable monthly budget. First you need to write down every monthly expense you have. This includes car payments, utility payments, cable payments, gym memberships, student loan expenses, gasoline costs, food costs, entertainment expenses and much more. Remember you will be paying property tax for the home and you also will need homeowners insurance. Many houses also are located within an association, and there could be a hefty monthly fee for this as well.
From there, your next step is to actually sit down with a lender and get pre-approved for a loan. This process takes longer than pre-qualification, and the lender will review your finances and credit score carefully and determine an amount that his bank is willing to lend you. It's best to do this prior to house shopping because it provides your realtor of a clear picture of your budget and it helps when you negotiate with a seller.
Often buyers, especially first-time buyers, have a difficult time selecting a great home. The most important things to look at include the location, the size of the home, the layout of the home and the yard. You might be enchanted by an upgraded kitchen with all the bells and whistles, but what if the home is too far from work or the street is busy and noisy? You can change cosmetic features such as countertops and wall color, but you can't move the house and you really can't make it bigger. A tiny yard will always be a tiny yard, a house by the railroad tracks will always be the railroad tracks. Simply put, don't judge a home by its tacky wallpaper and outdated appliances.
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.
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