Buying A Home

Updated January 2018

Buying A Home with a mortgage

Buying a New Home:

Purchasing a new home is very exciting and worth all the effort to get you there. Whether you are purchasing a brand new build or looking for a new style of home, there are so many options out there for you to choose from. We are here to help you learn more about mortgages and decide with your budget the best housing option for you.

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Choosing the Right Property for You

Choices choices, too many choices! It can sometimes feel overwhelming trying to find the right property for you, but we are here to help you narrow down our options. Many factors come into play when picking your new home. You need to look at your budget to determine how much you can realistically afford, where you would like to live location wise, the style of home you are drawn to, and how much space in your new home that you would like. There are several property types that may be available for you depending on your location.

  • Condos

    Condos are usually more affordable, have reduced maintenance, and is good for homeowners who are looking for less space.

  • Mobile Homes

    These are great options that are affordable and great for someone looking for a smaller home. They tend to be more environmentally friendly as well which is an added perk.

  • Multi-Family Homes

    These are homes with two to four different units which are good for large families that need extra space or for homeowners that want to rent out the extra space and generate an income from their home.

  • Single Family Homes

    This is a standard when homeowners typically think of a home. They stand alone usually with a yard. Single-family homes are great for privacy and giving the homeowner a homey space.

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Mortgage Programs for Buying a Home

Since you are about to buy a home, you might be looking into all the loans that you need to get to get your home. Here is a list of some standard home loan options.

  • FHA Loans

    These loans offer low down payments and lenient credit requirements.

  • VA Mortgages

    These loans are for veterans or spouses of a veteran, and active duty service members. This loan option is great because it offers no money down financing.

  • Conventional Fixed Rate Mortgages

    This option allows your payments to remain the same for the life of the loan.

  • Adjustable Rate Loans

    This loan offers introductory rates with opportunities for short-term savings.

  • USDA Rural Housing Loans

    These loans are designed for people purchasing a home in specified rural areas. This is a good choice for those areas because it offers a zero money down option for first time home buyers.

Are You Buying A Home That Needs To Be Renovated?

There are a few loan options that can help you both purchase and renovate your new home. Any 203k loan, which is a type of FHA and VA mortgage, can help you rehab your home and make it into your dream home.

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The Home Buying Process:

You have that itch, the itch to purchase a home! All of a sudden you are paying attention to all of the available homes and are scanning the internet and newspaper relentlessly to find your dream home. The search for your first or next home can be intimidating, but also fun and exciting if you go into the process prepared. It can be confusing when talking to a lender or agent with all of the mortgage mumbo jumbos, and the decisions you need to make feel like they are never going to end. And to top it off, you are going to have to write one hefty check by the end of this process. If you educate yourself now and are proactive with your steps to a plan, you will help decrease your stress and end up with your new dream home.

The first step you need to take is to know how much money you have in the bank. In other terms, it is time to come up with a realistic and manageable budget so you don’t find yourself drowning in debt. Manage your budget by compiling your income, age, financial security, number of buyers, location, and financial risk. Talk with a mortgage lender to find out the appropriate amount to get in a loan based on all of your financial factors and monthly income. Once you do this the home buying process will get a whole lot better and way more fun.

After you determine your budget, it is time to get pre-approved for a mortgage. This will help with your budget to determine a price range that you will be approved for in your loan. This helps lenders and real estate lenders trust your credibility since your financial history will already be verified and help speed up the process on what time of homes you should begin looking at.Taking this step is especially helpful in a competitive home buying market.

Then you need to apply for a mortgage. Once that is taken care of and an application is submitted and approved it is time to look for homeowners insurance and compile additional documents such as bank statements. Finally, you will close and that’s when you finalize the mortgage documents by signing usually at a lawyer’s office or with an escrow agent. After closing you should receive your keys to your new home!

Make sure you are always asking questions so you are perfectly clear about everything throughout your entire process.

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