First Time Homebuyers
The Road to Homeownership
Looking at homes becomes an exciting adventure the moment you move from window shopping online to house touring. It is crucial to complete the pre-approval process with your lender before beginning a serious home search. A pre-approval letter helps you and your real estate agent know your pre-approved amount, which helps narrow your home search to a list of the best homes available in your price range.
Here are some tips to narrow the search even further on your ideal home.
Need to get pre-approved?
Your "Perfect" Home
Begin your Search
Pictures Are Not Worth a Thousand Words
Trust Your Agent
Once the search is narrowed, lean on the agent for their expertise and area knowledge. A home may be beautiful but could back up to a freeway or some other issue that only an experienced agent can identify. These issues can affect the resale value and need to be identified before proceeding. Remember, this is why choosing an agent that is an area expert is a must. Exclusive Mortgage works with experienced trustworthy agents across the country. Get connected with a Exclusive Mortgage Officer today so they can help you find your perfect agent!
Attend Open Houses with Intention
Search for Open Houses within your price point to match your criteria. Viewing homes in person can change your desired criteria compared to what you think will work. Ask the agent to send notifications of upcoming Open Houses as well as check online and on social media.
Arrive Early!
Know Your Mortgage Payment
Based on the home’s sale price, the term of the loan, the buyer’s down payment percentage, and the loan’s interest rate, this calculator can help estimate what you’ll need to pay out monthly for your new home. This calculator factors in PMI (Private Mortgage Insurance) for loans with less than a 20% down payment, as well as town property taxes and the effect on the total monthly mortgage payment.
Buying a home is a big step! Whether you’re buying your first home, your dream home, or your tenth investment property, it will be a big investment. Finding the perfect property is just one way we can help you with your real estate purchase.
In order to determine the amount of home you can afford, a mortgage broker will use your debt-to-income ratio to determine the percentage of your pre-tax income you spend on debt. Your debt ratio will include monthly housing costs, car payments, credit cards, student loans, and any other installment debt. If you take on more debt before buying a home it will have an impact on the amount of the loan that the lender will finance.
Frequently Asked Questions
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Questions You Should Ask the Listing Agent
Have they received any offers?
When does the seller want to move?
When is the seller wanting to close?
How many days has the house been on the market?
Any price changes since on the market?
Any major issues or necessary renovations?
What are the average utility costs?
