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.
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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.
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~!
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.
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.
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?
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.
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.
(714) 931- 3158
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!
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!