Things To Consider When Buying Your First Home
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.
You probably have some pretty clear ideas in your head about the style and size of home you want and perhaps even an ideal town or neighborhood, but before you start hitting Open Houses, you need to figure out how much you can afford to spend. Pre-qualification can be a helpful tool for getting an idea of your mortgage costs. This is a simple process where you contact a lender by phone or perhaps online and give them a very general picture of your finances, and the lender gives you a very general idea of how much of a loan you might be able to secure.
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 looking at the numbers, take all of this information to a lender and start the pre-approval process. This takes more time than a quick phone call, and the lender will run a credit report and look at your financial history and come up with an actual amount that they are willing to give you for a loan. If you do this before you go house shopping, it makes the process much easier once you find a home you wish to buy. Sellers are more likely to sell to someone who is pre-approved because that buyer is less likely to fall out of escrow.
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.
If you are searching for a location that is truly desirable, consider a move to Texas Hill Country. With scenic, historic small towns such as Fredericksburg and bustling metropolises such as San Antonio, this popular region offers something for everyone. At Nixon Real Estate, the realtors specialize in finding Kerrville real estate, Fredericksburg real estate, San Antonio homes for sale or homes anywhere in Texas Hill Country.
You probably have some pretty clear ideas in your head about the style and size of home you want and perhaps even an ideal town or neighborhood, but before you start hitting Open Houses, you need to figure out how much you can afford to spend. Pre-qualification can be a helpful tool for getting an idea of your mortgage costs. This is a simple process where you contact a lender by phone or perhaps online and give them a very general picture of your finances, and the lender gives you a very general idea of how much of a loan you might be able to secure.
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 looking at the numbers, take all of this information to a lender and start the pre-approval process. This takes more time than a quick phone call, and the lender will run a credit report and look at your financial history and come up with an actual amount that they are willing to give you for a loan. If you do this before you go house shopping, it makes the process much easier once you find a home you wish to buy. Sellers are more likely to sell to someone who is pre-approved because that buyer is less likely to fall out of escrow.
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.
If you are searching for a location that is truly desirable, consider a move to Texas Hill Country. With scenic, historic small towns such as Fredericksburg and bustling metropolises such as San Antonio, this popular region offers something for everyone. At Nixon Real Estate, the realtors specialize in finding Kerrville real estate, Fredericksburg real estate, San Antonio homes for sale or homes anywhere in Texas Hill Country.
About the Author:
Pammy McGrath likes reading real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to discover a homes for sale in Fredericksburg TX, please visit the Nixon Real Estate site today.
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New Unique Article!
Title: Things To Consider When Buying Your First Home
Author: Pammy McGrath
Email: articles@zerocompany.com
Keywords: home buyer tips,relocating facts fredericksburg,fredericksburg tx history,fredericksburg tx information,fredericksburg real estate,fredericksburg homes for sale,relocating,real estate,home,Fredericksburg
Word Count: 561
Category: Home & Family
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