How exciting, you must be so pumped about buying your first home. There are many important factors to consider to ensure you’re ready for this undertaking. Here are a few to get your thinking process going. Ty Wallace would be happy to discuss other considerations with you as well. He’s helped hundreds of first-time home-buyers through the process, so there’s no question he hasn’t heard before.
- What’s your budget? Generally most people prefer, and many financial experts recommend, that a mortgage payment amount be about one-fourth to one-third of their monthly income. Calculate what you’d be comfortable paying, just to make sure you don’t get in over your head with a mortgage payment you can’t handle long-term.
- How’s your credit? When banks look at your credit history, are there any red marks? Have you had trouble paying your credit cards or student loans on-time? These little red marks don’t seem like a big deal, but when applying for a mortgage, they can greatly impact the interest rate offered to you. A good credit rating equals a good interest rate, meaning thousands of extra dollars in your pocket over the lifetime of your home’s mortgage.
- If you have kids, how’s the school district where you plan to move? Educating our children is extremely important, and it might be worth purchasing a more expensive home to ensure your children have a brighter, more prosperous future through an excellent education.
- Are cultural factors important to you? Would you like to have a local theater, concert hall, or Little Italy neighborhood close by, or are you okay with a couple gas stations and a McDonald’s around the corner? The culture of the neighborhood you’ll be moving into is important does it match your sensibilities? Can you imagine making friends with the neighbors? Buying a house isn’t just a financial decision it’s where you’ll be living your life, so you want it to fit in all ways.
Ready to get your home-buying journey started? Click “contact” on the menu above to shoot us a message, call [phone], or email TyWallace@earthlink.net today.