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Top Tips For First-Time Home Buyers

Considerations Before You Buy

What type of home best suits your needs?

You have several options when purchasing a residential property: a traditional single-family home, a townhouse, a condo, a co-operative or a multi-family building with two to four units.

What specific features will your ideal home have?

While it's good to retain some flexibility in this list, you're making perhaps the biggest purchase of your life, and you deserve to have that purchase fit both your needs and wants as closely as possible. Your list should include basic desires, like neighborhood and size, all the way down to smaller details like bathroom layout and a kitchen that comes with trustworthy appliances.

How much mortgage do you qualify for?

Before you start shopping, it's important to get an idea of how much a lender will actually be willing to give you to purchase your first home. You may think you can afford a $300,000 place, but lenders may think you're only good for $200,000 depending on factors like how much other debt you have, your monthly income and how long you've been at your current job.

How much home can you actually afford?

On the other hand, sometimes a bank will give you a loan for more house than you really want to pay for. Just like with the purchase of a new car, you'll want to look at the house's total cost, not just the monthly payment.

Who will help you find a home and guide you through the purchase?

A real estate agent will help you locate homes that meet your needs and are in your price range, then meet with you to view those homes. Once you've chosen a home to buy, these professionals can assist you in negotiating the entire purchase process, including making an offer, getting a loan, and completing paperwork. A good real estate agent's expertise can protect you from any pitfalls you might encounter during the process.

Written by Ruth Smith on Oct. 12th 2015

Why Physician Loans are being offered?

Doctor Loan or referred as Physician Mortgage is a type of loan for Doctors, Physician in Practice and Residents who are not being qualified for conventional loans. Traditionally, doctors are high risk lenders due to short work history, have significant amount of student loan debt and have small savings. Doctor Loan common features are low down payments, no private mortgage insurance, low interest on jumbo loans and 90 days move in prior start of new employment. 

Written by Ruth Smith on Feb. 8th 2018

What is Home Equity?

Home equity is an asset that comes from a homeowner's interest in a real property. This is the difference between the property's market value and outstanding loan balances. Home equity can increase over time as the homeowner makes payment of the loan balance or the market value increases.

Written by Ruth Smith on Oct. 12th 2015

7 Critical Questions to Ask Every Real Estate Agent Before You Sign Anything! 

1.) How many years have you been a full-time, licensed real estate agent or broker ? Helpful Hint: Longer is better.

2.) Do you have a specific plan to get my home SOLD within 90 days or less? Helpful Hint: Don’t hire anyone that does not have a plan to get your home SOLD! 

Credits to www.Clientcreator.com

How to Get Pre -Approved for a Home Mortgage Loan

There’s a challenging competition in home buying. If you don’t have the documents that proves your trustworthiness as a buyer, you will 


Written by Ruth Smith on Oct. 12th 2015

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