Preparing To Own Your First Home

Preparing To Own Your First Home
referralAs a First Time Homebuyer, you’re about to make one of the biggest financial decisions of your life. For Millennials, a new home represents the most expensive purchase they’ll ever make. One of the best things you can do is read, research and learn about the mortgage application process. The more you prepare, the more confident you’ll feel about purchasing the home you want.

Mortgage Pre-Approval
Being pre-approved by a lender gives you the confidence to shop for a new house, knowing exactly how much you can afford. You can avoid looking at properties that don’t fit your budget. The pre-approval helps you know exactly what is possible right from the start. In fact, most realtors expect you to be pre-approved.

How Much Can You Afford?
A good place to start is to look at your current expenses. You probably have FHA MIboth “fixed” expenses… i.e. car payments, taxes, or day care … and “discretionary” expenses… i.e. things like travel, clothing, entertainment, or other areas where you can decide how much to spend.
Then, make up a budget. You’ll see how much of your monthly income is already committed to “fixed” expenses, as well as how much you have to spend on a mortgage payment, taxes, and insurance for a home.
Of course, how much you can afford also depends on how much debt you have. Long-term debt – i.e. debt that will take more than 10 months to pay off – is what lenders are most concerned about. If you have long-term debt that is considered “excessive” for your income, it will probably limit how much you can borrow. If you have a lot of long-term debt, you may want to pay off some of it before you apply for a mortgage.

mortgage financeRemember: I’m always here to help make things easier.  Reach out to Me at rick.cignoli@norcom-usa.com to discuss your mortgage options and to take advantage of my FREE Jump Start Mortgage Pre-Approval service.

It’s Not Too Late to Buy Your Dream Home This Season

Don't Sit on the Fence
Are you a Millennial? Are you a First Home Buyer? Are you thinking about moving up of downsizing? Is 2016 the year you’ve decided to get off the fence and buy that dream home?

Real estate professionals are always optimistic about the Spring Buying millenial 2Season. Sellers have finished staging their home for sale; the grass is green, flowers are blooming and curb appeal is at its peak. The Super Bowl is over; buyers are  out of hibernation and doing their on-line research to get prepared to make the biggest investment of their lives.

Spring is almost over, but it’s Not Too Late To Buy in 2016. Here are some facts to consider:
♠   Internet searches for real estate listings consistently peak in July.
♠   About half of all home sales occur between May and August making the summer months the busiest season nationally.
♠  About half of home sales occur in the “off” months of September through April. That’s a lot of traffic.
♠   Studies show that prices tend to peak in the busy Spring season. For Buyers, now is the time to buy..

The bottom line is this:  The best time to buy is when it’s best for yourGet Pre-Approved scenario. But, please don’t think your opportunity has passed. Low interest rates make now a great time for millennials to be in  the market for their First Home. Low financing costs make higher price points more affordable. Get Pre-Approved Now. Now is the time to buy!

 

.