There are many exciting and fun aspects of buying that first home, such as looking at different houses, thinking about decorating and purchasing new furniture. On the flip side, it's expensive to buy a home and you might have no idea what to expect. If you are feeling a bit nervous, here is some helpful information.
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.
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.
One location that is highly desirable is Texas Hill Country. The beautiful scenery and quaint small-town ambiance of cities such as Fredericksburg, New Braunfels and Kerrville entices many home buyers to this region. You also can opt for cities such as San Antonio or Austin. To help you with you search, consider contacting Nixon Real Estate, who specialize in finding great Texas Hill Country real estate for their clients.
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.
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.
One location that is highly desirable is Texas Hill Country. The beautiful scenery and quaint small-town ambiance of cities such as Fredericksburg, New Braunfels and Kerrville entices many home buyers to this region. You also can opt for cities such as San Antonio or Austin. To help you with you search, consider contacting Nixon Real Estate, who specialize in finding great Texas Hill Country real estate for their clients.
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 now.
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