Buying a home is an exciting but often overwhelming experience, particularly if you are buying your first home. As your REALTOR®, Caroline can help you through the home buying process and assure that you find the right home for you.
Every homebuyer has a number of concerns, all of which Caroline can help you with:
Setting a Time Frame
There are a lot of variables in the home-buying process which means the time it takes to find and buy your new home varies too. A typical home search process may take two to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process.
The Lending Process
Perhaps one of the most important aspects of buying a home is the mortgage pre- approval process. Caroline will be here to help guide you through this. There are many ways you can prepare early to make the process run smooth. It is very important to choose a lender that you will be able to have a face to face conversation with and will physically be there for the closing. You can certainly start it off with a phone conversation with a lender that you have a personal relationship with or one of Caroline’s recommendations. Caroline highly recommends the following lenders:
- Jolene Wells with Associated Mortgage Consultants
(512) 581-4361 or email: Jolene@mortgagefinancer.com - Fred Hall with University Federal Credit Union
(512) 997-4612 or email: fhall@ufcu.org - Lynn Driscoll/Fay Meuth Scoggins with First National Bank
(512) 321-2561 or (512) 581-4417 - George Light with Leader One Financial
(512) 356-94366 x 104 or email: georgelight@leader1.com
Determining How Much You Can Afford
A general guideline to consider is that most buyers purchase a home that costs about one and a half to two and half times their current annual income. For example, someone earning $50,000 a year might purchase a home for $75,000 to $125,000. Mortgage payments should be about 26-28 percent of your gross monthly income.
Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income.
Finding a Home That Meets Your Needs and Wants
Before you start looking at properties, make a list of "must-have" features along with optional features you'd like to have. "Must-have" features may include the number of bedrooms and bathrooms you'll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs. Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help Caroline find the perfect property for you.
Educating yourself about the home-buying process is key to getting a home you love and can afford. As your REALTOR®, Caroline is here to answer any questions you might have and guide you through this process.
