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Screen Shot 2014-10-25 at 8.53.29 AMAre you looking to buy a home this year?  And are you a first time homebuyer?  Here’s the shorthand version of how to get off on the right foot.

Consult a lender.  Find out what your your price range or point is and how much you can afford.  Lenders look for a total debt load of no more than 43% of your gross monthly income (called the debt-to-income ratio).  There are mortgage calculators and their input to help there.

Save for a downpayment.  Most mortgage loans will require 3% to 5% down on the home.  Sometimes we cannot always roll your out of pocket expenses for closing attorney, inspections, loan fees etc. (called closing costs) into the loan so we need to plan for that expense at closing.  Again a good lender will guide you through this step by step.

Research Your Priority List and Neighborhoods.   Identify what is on your wish list – area, size, backyard, updated kitchen and baths, commute time, etc.  Look on line to see types of floor plans that have come to market in the area you like.

Get a mortgage pre-approval.  Or preferably in today’s market, go ahead and get the approval letter.  The approval takes a bit more time and carries much more weight than a pre-approval.  And it makes all the difference in multiple offers.

Get started.  Call Carol King 704 953-6128 or Sharon Sinclair 980 721-9766 to go preview some properties to see what your dollars will buy AND start to edit your “needs and wants” list.

Buying a home in Charlotte?  We can help.  Email or text us today to get started with personal one on one attention.

Feb 01, 2017 | Filed under: First Time HomeBuyers, Good To Know Info by Carol King