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.
While you need to decide what type of home you want and where you wish to live, the first thing you need to consider is how much you can afford. To get an initial picture of how much you can afford, get pre-qualified for a loan. This usually costs nothing and often takes just a few minutes, and you can even do this online. Basically you just share some basic information with a lender such as your total income, your debts and whatever assets you already possess, such as you vehicles.
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.
From there, your next step is to actually sit down with a lender and get pre-approved for a loan. This process takes longer than pre-qualification, and the lender will review your finances and credit score carefully and determine an amount that his bank is willing to lend you. It's best to do this prior to house shopping because it provides your realtor of a clear picture of your budget and it helps when you negotiate with a seller.
You need to program yourself to think logically about every home you view. The most important aspect is always the location of the home simply because this can never be changed, so it is crucial to like the area. You cannot change the size of the yard either and usually you cannot increase the size of the home. On the other hand, there are many things that can be changed. Wallpaper and carpeting can be removed, flooring can be upgraded, walls can be painted and sometimes even eliminated to open up a space. Don't become distracted by ugly wall colors or tacky decor, this can easily be fixed. You can replace appliances and countertops and upgrade flooring, but you cannot move a home to a better spot.
If you are searching for a location that is truly desirable, consider a move to Texas Hill Country. With scenic, historic small towns such as Fredericksburg and bustling metropolises such as San Antonio, this popular region offers something for everyone. At Nixon Real Estate, the realtors specialize in finding Kerrville real estate, Fredericksburg real estate, San Antonio homes for sale or homes anywhere in Texas Hill Country.
While you need to decide what type of home you want and where you wish to live, the first thing you need to consider is how much you can afford. To get an initial picture of how much you can afford, get pre-qualified for a loan. This usually costs nothing and often takes just a few minutes, and you can even do this online. Basically you just share some basic information with a lender such as your total income, your debts and whatever assets you already possess, such as you vehicles.
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.
From there, your next step is to actually sit down with a lender and get pre-approved for a loan. This process takes longer than pre-qualification, and the lender will review your finances and credit score carefully and determine an amount that his bank is willing to lend you. It's best to do this prior to house shopping because it provides your realtor of a clear picture of your budget and it helps when you negotiate with a seller.
You need to program yourself to think logically about every home you view. The most important aspect is always the location of the home simply because this can never be changed, so it is crucial to like the area. You cannot change the size of the yard either and usually you cannot increase the size of the home. On the other hand, there are many things that can be changed. Wallpaper and carpeting can be removed, flooring can be upgraded, walls can be painted and sometimes even eliminated to open up a space. Don't become distracted by ugly wall colors or tacky decor, this can easily be fixed. You can replace appliances and countertops and upgrade flooring, but you cannot move a home to a better spot.
If you are searching for a location that is truly desirable, consider a move to Texas Hill Country. With scenic, historic small towns such as Fredericksburg and bustling metropolises such as San Antonio, this popular region offers something for everyone. At Nixon Real Estate, the realtors specialize in finding Kerrville real estate, Fredericksburg real estate, San Antonio homes for sale or homes anywhere in Texas Hill Country.
About the Author:
Pammy McGrath enjoys reading about real estate blogs. If you are searching for licensed real estate Fredericksburg TX agents, or to find a homes for sale in Fredericksburg TX, please check out the NixonRealEstate.com site now.
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