Thinking of buying a home but don't know where to start? 

The home buying process can seem overwhelming, but it doesn't have to be!

We've put together a list of  4 Steps on where to start your home buying journey and a few things you should know before you start looking.

  1. Find a realtor you trust (and like spending a lot of time with). It's important to work with an agent who can help you navigate the market and find a home that meets your wants and needs. Your agent will be dedicated to finding you the right home and then negotiating all the terms of the transaction on your behalf. Remember — this is the largest investment you will likely ever make, and you want to work with someone you feel comfortable with and trust to guide you throughout the process.

 2.  Find a reputable lender and get pre-approved for a mortgage. Getting pre-approved BEFORE you start your home search is crucial because it helps you get an accurate idea of your budget and what you can afford. A mortgage lender will not only tell you what amount you can borrow, but also your projected monthly payment, your closing costs / down payment needed, and what to expect throughout the mortgage approval process. If you do not have a relationship we can provide some options of lenders that many of our clients have worked with in the past.

 3.  Come up with your non-negotiables list. Your agent can help you narrow down your search by having a clear idea of what you are looking for.

  4. Start looking at homes! Once you have your pre-approval letter and your agent has you set up on a search, you will be notified when anything new comes on the market, including     any  homes that may be "coming soon". From there, you can schedule showings to take a look at any of the homes that pique your interest and prepare to make an offer.

Remember, the homebuying process is a journey, and taking it one step at a time will make it less daunting. If you're thinking about taking the leap into homeownership, give us a call to start the journey of turning your dream into reality!

MORTGAGE HELP

Down Payment

The typical rule of thumb is to pay 20 percent of the home's price as your down payment, although some mortgage loans require as little as 3.5 percent down. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the lower your payments will be - or the more expensive a house you can buy.

Loan Term
Your loan program can affect your interest rate and monthly payments. Choose from 30-year fixed, 15-year fixed, and more in the calculator.

Loan Type
There are several types of mortgage loans, but the most commonly used are fixed-rate and adjustable-rate loans. Fixed-rate loans have the same interest rate for the entire duration of the loan. That means your monthly payment will be the same, even for long-term loans, such as 30-year fixed-rate mortgages. Two benefits to this loan type are stability, and being able to calculate your total interest up front. Adjustable-rate mortgages (ARMs) have interest rates that can change over time. Typically they start out at a lower interest rate than a fixed-rate loan, and hold that rate for a set number of years, before changing interest rates from year to year. For example, if you have a 5/1 ARM, you will have the same interest rate for the first 5 years, and then your interest rate will change from year to year. The main benefit of an adjustable-rate loan is starting off with a lower interest rate.

Interest Rate
This field is pre-filled with the current average mortgage rate. Your actual rate will vary based on factors like credit score and down payment.

Property Tax Rate
The mortgage payment calculator includes estimated property taxes based on the home's value. You can edit this in the advanced options.

Home Insurance
Home insurance or homeowners insurance is typically required by lenders, depending on the loan program. You can edit this number in the mortgage calculator advanced options.

HOA Fees
A homeowners association fee (HOA fee) is an amount of money that must be paid monthly by owners of certain types of residential properties, and HOA's collect these fees to assist with maintaining and improving properties in the association.