First Time Buyer

Intro

Buying or selling a home will probably be the biggest financial decision you ever make. Don’t worry. Relax. Take a deep breathe. I’m here to help. Just follow these simple suggestions and you’ll be off to a good start.

The Process of Buying a Home

1. Know when you’re ready

There are a lot of financial boxes you need to check before you decide if you’re ready to buy a home. Do you have savings for a down payment? A steady career? The credit rating to get a mortgage? But there are personal mile markers, as well. Is your family ready for a home? Are you prepared to take on the responsibility? Do you have the energy and wherewithal to be a homeowner?
But, I find, as is the case with most things, when the time is right, you’ll know it.

2. Mortgage Lending 101

As you search for a home, you should be getting your finances in order. You may even want to meet with a bank or mortgage broker prior to beginning your search. Many a first-time buyer has lost out on their dream home because they couldn’t get their mortgage quick enough. If you’d like I can refer you to several reputable banks and mortgage companies.

3. The Home search

Some folks find shopping for homes to be extremely stressful. Others, find it a happy experience of growth and learning about yourselves. I encourage the latter. I want you to think back about that wonderful day when you first spotted your dream home — and you knew that it was meant to be your home.

4. The Offer

Sometimes we may decide on a strategy, like go high…or go low. It’s a game, and having some on your side who knows how to play it is important.

5. Closing the Sale

Closing on a home is another experience that could be stressful, wonderful, or a little bit of both. This is the official transfer of property ownership. It involves lawyers and writing checks. But, at the end of it, you will be the proud owners of a new home. And I’ll be there to guide you through it.

Questions

1. Are you ready to buy?

There are a lot of financial boxes you need to check before you decide if you’re ready to buy a home. Do you have savings? A steady job? The credit rating to get a mortgage? But there are personal mile markers, as well. Is your family ready for a home? Are you ready for the responsibility? Do you have the energy and wherewithal to be a homeowner?

But, I find, as is the case with most things, when the time is right, you’ll know it.

2. How much can you afford?

There are too many variables to give a one-size fits all answer. What is your income? How much can you put down as a down payment? What is your credit history? What are your job prospects? Do you have one income – or two?

3. What is your debt-to-income ratio?

This is a ratio that many financial institutions use to determine how much you can borrow. They weigh your monthly mortgage, insurance and tax costs against your income.

4.What do you want?

For your entire life, you have been developing expectations for your home. What do you like? What style home to you prefer? How much land do you want? And now, other new factors are weighing heavily on your decision: how big is your family? Where is your job located? Will you be working from home?

Now is the time to start coalescing and prioritizing all of these ideas into one wish list.

5. How can I help you?

My process is three-fold. First, I take time to understand you and your family’s needs. Then, I find the right option — and just the right options – that fit that fit those needs. And lastly, I will hold your hand and walk you through the purchasing process, from bidding to contract to inspection to closing.

Wants VS. NEEDS

I always think it helps to make a list and organize your priorities in one place. This is that place!

I’ve separated it between wants and needs. Wants are what, in an ideal world, you’d love to have in your home. Needs are what you must have in order to live there.