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The Home Buying Process
- Know your Rights
Before you start, there are many laws that protect you from scams, unnecessary expenses and discrimination in the process of home buying. Know your rights!
- Find Out How Much Mortgage You Can Afford
You can save yourself a lot of time if you take a minute to figure out what size mortgage you can afford. Generally, a lender will want your monthly mortgage payment to total no more than 1/3 % of your monthly gross income (that´s your monthly income before taxes and other paycheck deductions). You also need to consider current loan interest rates. The lower the interest rate, the greater the mortgage you can afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.
- Create Your Wish list
Focus on the features you want in a home: 3 bedrooms or 4? 2 bath or 3? Large yard, small yard? Knowing your needs will help you focus your search. And it will help your real estate Broker too!
- Finding a Real Estate Broker
You´ll want to find a broker as soon as you decide to buy a home. Find someone you are comfortable with. Ask friends who they used and what their experiences were. You can find out which brokers specialize in your area by looking in the yellow pages, newspaper, "for sale" signs, and the internet. Talk to prospective brokers; ask questions about the areas and types of homes that you are interested in. Do they seem knowledgeable? Most important, is there style a good fit with your own? Contact Jay & Justin
- Mortgages and home buying programs Many different kinds of mortgages are available to you. Read about them and make sure that you understand the pros and cons of each. Your real estate broker can help you. HUD offers some special homebuying programs. Also, many local governments offer special homebuying programs to help low income buyers. Shop around ? You may be surprised by all your options!
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