Iris, Home Buyer in 11414

Im looking to purchase a home but im a single parent and a little scared i've already been pre-approved for 350,000. Help so confused

Asked by Iris, 11414 Fri Nov 11, 2011

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21
Iris,

Yes buying a home as a single parent feels scary, and doesn't paying rent that can go up every year scare you a little too?

Buying a home that you can afford now is a great opportunity. Low interest rates coupled with home prices that have come back to reality present you with an opportunity to buy a house that will be yours for years to come, that you probably couldn't afford 5 years ago.

Now you can find an area that you like and know that your "rent" will be the same every month. The only landlord that can raise the rent is you. If loans go up to 15%, your payment stays the same. If rents go up, your payment stays the same, if home prices go up, your payment stays the same.

Best of all, if you decide you want to make an improvement to the house, you can because it is yours. After all, that is the best part of owning a home is making it yours.

Good luck making your family a new home.

Scott
1 vote Thank Flag Link Wed Mar 7, 2012
I'm so excited for you! Buying a home is a monumental experience but also such a wise choice. As a single parent, you are creating memories for you and your children as well. There are so many advantages in owning your own home rather than renting. I recommend that you find a REALTOR that will take the time to help you in all aspects of the buying process. In today's market, I'm sure you will find a home that is under your pre-approval amount. You will want some flexibility in the payment so you can enjoy the house and your family. I wish you the best!
0 votes Thank Flag Link Wed Mar 21, 2012
Iris,

It's understandable the fear you have but I think you made the right decision for you and your family. When you pay rent every month the money goes to the management office, when you pay your mortgage the money goes towards your loan for YOUR property. Now my advice is make a list of all the bills you have to pay monthly and add some cushion for unexpected expenses, see how much you have left to pay your mortgage if you fill confortable use all $350K but if not try to stay with what you feel you are able to afford. Also you have great tax benefits as an owner!!! Good Luck with your purchase ...it's a very exciting moment for you and your family ...congratulations!!!

Let me know if I could help you with anything you need.

See the link below
0 votes Thank Flag Link Wed Mar 21, 2012
I always advise clients to have a minimum of six months living expenses saved should something arise. Job loss, car repairs, illness, house repairs, anything that may come up. It really comes down to just because they approve you for an amount , doesn't always mean you should extend yourself out that far. Hone in on what's comfortable to you after budgeting. Being house poor is no fun! You still want to have the ability to do the things you and your child enjoy doing. Hope this helps....
0 votes Thank Flag Link Mon Mar 5, 2012
Dear Iris,
I would tell you that you may purchase a property which you can afford which means that you do not have to have a high amount of loan, but affordable amount of loan. Or even buy with cash if you can, instead of having to borrow so much money. Personally, starting with a small size house is very good idea, since you will build up your equity with times and if you do so, in the future, you can always move to a bigger home.
Because of the economy, affordability will be the best.
And good luck to you~!
0 votes Thank Flag Link Sat Mar 3, 2012
Iris....

Being scared is perfectly alright...I'd be more worried if you weren't. Be sure to work with a Realtor who will walk you through the whole process and has a proven track record in the business. Experience really counts in this market.

Consider factors like how long you expect to stay in the home you purchase, what is the "comfortable" mortgage payment. Compare rent vs. buy....this is the best market for decades. Be realistic about your expectations.
Web Reference: http://www.lindaspears.com
0 votes Thank Flag Link Thu Mar 1, 2012
Iris-

This is a very personal question. It really just depends on how long you think you will live in the house or if you think you might be looking to move fairly soon. If you plan to live in your town for a long time and find a house you love, go for it.
0 votes Thank Flag Link Wed Feb 29, 2012
Iris, buying a home is a big responsibility even if you're approved for the loan. The monthly utilities, cost of repairs, etc. add up, so it's completely understandable that you're scared. One tip is even if the bank qualifies you at a certain amount, try not to let the payment exceed 25% of your monthly income.

It would be helpful to know specifically what you're scared about though. Other factors to consider, the cost of borrowing money from banks doesn't look like it can get much lower and rents look like they may continue to consistently go up. Do you plan to live in the area for more than 5-10 years? Do you believe home values will go up during that period of time?
0 votes Thank Flag Link Wed Feb 29, 2012
I was a single parent and bought my first home alone. It was very scary to me as well. I was not an agent at the time and my Realtor didn't even come to closing. So, first of all, choose a good Realtor. Second, make sure that you are comfortable with the payments. You don't want to be "house poor".
0 votes Thank Flag Link Wed Feb 29, 2012
First of all - so that you don't get in the same situation that millions of other Americans are in - do you feel extremely comfortable with the mortgage PAYMENT that a $350,000 mortgage would require? Many, many people should have never been allowed to take on a mortgage the size of what the banks/lending institutions said they could afford.

Now that you have a quote from a lending institution, telling you what you are qualified for, you must do your own calculations with the real everyday expenses that you have. The reason you are probably feeling uncomfortable, is that when you saw the mortgage payment that comes along with the $350,000 mortgage - you said to yourself "How can I possibly paid that every month". There is nothing wrong with buying under what you are qualified for - just to be on the safe side.
0 votes Thank Flag Link Wed Feb 29, 2012
Make sure you are very comfortable with the monthly payment, do not overextend yourself. There are a lot of extra costs with owning such as as a monthly water bill and maintenance and repairs on the home. Make sure you are not stretching yourself financially. If you feel like you are, go for a lower price.
0 votes Thank Flag Link Tue Feb 28, 2012
Hi Iris, there is a lot of great information available online and or just ask a real estate agent near your area for a Buyer's Guide to help you make a smart decision and guide you with the entire process. Purchasing a home may look scary but if you hire the right professional it should be walk in the park for you :)

I practice real estate in the McAllen TX area so would not be able to guide you in Huntington Beach, but what i can do is refer you to anther great Keller Williams Realtor near by, so let me know if you still need help with your purchase.

Best of luck.
Maggie Harris
0 votes Thank Flag Link Mon Feb 27, 2012
Invest in properties that are going to have growth potential when the market returns. Find a home in a good area with good schools and try to find a school and work situation that is only 15-20 minutes from your new home, The fuel savings will be a real plus in the coming year.
0 votes Thank Flag Link Mon Feb 27, 2012
Hi Iris, I'm a single mom too! I would love to help you find a home. I know what you are going through and I can answer all of your questions and still not pressure you but help you through the process. Let me know if I can help.
Thanks,
Mickey Kinser
(714) 931- 3158
0 votes Thank Flag Link Sat Feb 25, 2012
Hi Iris,

So? did you buy something? We'd all love to know how it worked out for you.

Karen
0 votes Thank Flag Link Wed Nov 16, 2011
Hi Iris - congratulations! You have some good answers here, and going to open houses is also a good idea. You will want to work with a local Realtor who knows the area, and can show you the different areas. I would welcome the opportunity to speak with you. Best wishes with your home search.
0 votes Thank Flag Link Sun Nov 13, 2011
Start by going to a lot of open houses tomorrow and get a feel for talking to different agents. Try having a list of similar questions to ask and see how they respond. Do you feel heard, do you feel pressured, do you feel you are getting informed? Just because you have your preapproval in your hand doesn't mean you have to buy the first house you see. Start making some lists of which features of a home are the most important to you. Good Luck! Terry Bell, Realtor, Santa Rosa, CA
0 votes Thank Flag Link Sat Nov 12, 2011
Iris,

Congratulations!! That is so exciting! And yes, it can be scary! As everyone else mentioned it is a great idea to have an experienced professional represent you throughout the home buying process. Patience, honesty, knowledge and experience are musts! If you don't have any friends or family who could give you a first hand recommendation for someone, maybe ask the lender who did your pre approval for financing. Another great resource is the Accredited Buyer's Representative at http://rebac.net/

Good luck to you!
Web Reference: http://www.gocompass.net
0 votes Thank Flag Link Sat Nov 12, 2011
Dear Iris,
Home buying does not have to be stressful for you. I would recommend that you begin working with a Professional Realtor as soon as possible. Try to find a Realtor in your area that is patient and enjoys working with buyers. A great agent will help you every step of the way and explain everything as you go along.
Best of Luck to you!
0 votes Thank Flag Link Sat Nov 12, 2011
Excellent suggestions by Terry. Make sure you are 100% comfortable with the payment in good times and bad. Make sure you have adequate reserves in case you have a job loss or life happens. Talk to a loan officer and go over the payment. Don't forget about property taxes, insurance, water bill and repairs that you wouldn't have renting. And find a patient buyers agent that is not going to pressure you into buying before you are ready.
0 votes Thank Flag Link Fri Nov 11, 2011
Work with a good buyers agent and make sure you get a good faith estimate from your lender prior to committing to a particular home. Just because you are pre-approved doesn't mean you have to spend that much. Purchase a less expensive home if it makes you more comfortable financially.
0 votes Thank Flag Link Fri Nov 11, 2011
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