Are You Ready to Buy Your First Home?
You’re considering making one of the biggest purchases you will make in your lifetime, your first home, but how do you know if you’re ready? The best way to know if you are ready is to educate yourself, ask lots of questions, surround yourself with financial and real estate experts, and be prepared.
First things first, talk to a mortgage specialist to find out if you can afford to buy. Your mortgage specialist will take a snapshot of your current financial situation. They will review your income, assets, debts, credit history, & available savings and give you an estimate of the loan(s) you’re eligible for, along with a price range for homes you can afford to buy. If you think that you are financially ready, then go ahead and get “pre-approved”. Pre-approval is when a lender agrees to fund your mortgage based on your financial situation.
Some questions to ask your mortgage specialist:
How much of a down payment is required?
What is the interest rate and annual percentage rate?
What are the origination fees and discount points?
When should I get a loan rate lock?
Is there a prepayment penalty?
After learning about your home buying budget, talk to your real estate agent. Buyers need guidance throughout the home buying process, someone who will advocate on their behalf (unlike the seller’s agent) and someone who knows the Tampa Bay Real Estate market.
Once you have done your homework, you’ve talked to the experts, and are prepared for the responsibilities and expenses that come with ownership: new monthly mortgage payments, insurance, taxes, maintenance fees (condos) and other repairs and maintenance, then you ARE ready to buy your first home.
Now comes the fun part, with your needs in mind, your buyer’s agent will show you the available homes within your budget and neighborhoods. You’ll quickly get to know the type of home that suits your needs (move-in-ready vs renovations), different neighborhoods (gentrifying vs. established), wants vs. needs, lifestyle, amenities and location (close to work/schools).
Ready to jump into the Tampa Bay Real Estate market, or just want to know more about the home buying process? The team at Spitzer Rutland would love to help. Contact us anytime. No pressure, no pushy sales talk. Just the answers you need.
