Are you interested in finally being a Home Owner but don’t know where to start? We are going to help walk you through the steps one at a time with easy-to-follow instructions and help you understand the process!
First Step: Contact a Lender!
Contact a Lender? That isn’t what I think the first step should be, shouldn’t I find the house I want to buy first?
In order to find you the perfect house there are some key things you need to know:
- What amount are you approved for? This could be much higher or lower than you were thinking because there are a ton of contributing factors such as credit score, income, debts, and current interest rates.
- What monthly payment are you comfortable with? Most times buyers are approved for an amount that would warrant them a much higher monthly payment than they are comfortable with. You don’t want to be house poor or not be able to take vacations if you like to travel.
- How much money will you need to actually purchase a home? Most buyers don’t realize that when you buy a home there is a down payment (usually at least 3.5% of the sales price) plus your closing costs which include things like state and county transfer taxes, property taxes, homeowners insurance, and Title Insurance policies to name a few.
- What if I don’t have all the money I need to buy a home? A lender can assist you by checking to see if you are eligible for any grant or assistance programs as well as giving you information on receiving a gift from a family member to cover the costs.
Now that you know WHY your first step is to contact a lender, how do you find the right one?
Call us at (443) 597-3420 and we can recommend you to Local Lenders in the area!
Stay tuned for Part 2!