There are many things that you have to conceder when looking for a home, the right size, right neighborhood, color and affordability. Your monthly payment trumps all when selecting a home.
Here is what consists of monthly mortgage payment:
â€¢1. Principle & Interest
â€¢2. Taxes on the property
â€¢3. Mortgage Insurance... If down payment is less that 20% of purchase price
â€¢4. Homeowners insurance
Did you know if you choose to include your taxes and insurance lenders calculate your monthly payment they will take the annual taxes and homeowners insurance and in some case MI (mortgage insurance) and break it up into 12 payments per year. If you do NOT escrow the payment you would be responsible to pay your taxes quarterly and the homeowners insurance annually.
When purchasing your home, here is what you can expect throughout the loan process once your sales contract has been accepted by the sellers.
â€¢1. Pre Approval
â€¢2. Hire real-estate attorney
â€¢3. Home Inspection ("out of pocket cost" $ 300- $500) Not required by lender
â€¢4. Complete Loan application
â€¢5. Appraisal on home ("out of pocket" cost $ 300-$500)
â€¢6. Under written by lender
â€¢7. Loan Commitment, loan Approval
â€¢8. Title Insurance
â€¢9. Survey on property
â€¢10. Homeowners Insurance ("out of pocket cost" 1 year up front, one week prior to closing)
Getting pre approved is your first step to owning your home. CALL NOW...
I am open for any questions.
Antonio Llamas firstname.lastname@example.org
The 1st step will be to determine how much you can afford and to get a preapproval from a mortgage lender before you can shop for a home..I can help you with this. I have been assisting 1st time buyers for 25 years in this area , feel free to call me or e-mail me and I will be happy to help you through the process.
(732) 972-1000 x 364
Then, figure out where you want to live. Go and visit the areas and see what your money will buy you there and if you'd be happy in a house in that neighborhood. Check into schools, market stability, and overall neighborhood security.
Once you've narrowed down the area and you know how much you want to spend, find a full time Realtor who you like and work with him/her.
Good luck! If your search brings you to Southern Monmouth/ Northern Ocean County, I'd love to work with you! There's nothing like the excitement of working with a first time home buyer!
Best of luck to you!
Mortgage Loan Originator, NMLS: 124703
AnnieMac Home Mortgage
As a National Association of Realtors Accredited Buyer Representative specializing in helping 1st time homeowners, I am always excited to have an opportunity to help someone like you achieve their goals. If you ask me, I would tell you the 1st step is to make an appointment to sit down with me either in my office or at your home and have a home buyer consultation with me. During that time we will review your goals, how I intend to help you achieve them, and have a discussion with you as to what you can expect during the process of buying a home. I will walk you step by step from pre-approval, through making an offer, contract negotiations, attorney review, inspections, escrows, etc....
While I agree 100% with what both of my collegues say below about speaking with a lender before doing anything else, I disagree with their methods. I would not advise my clients to just Google mortgage pre-qualification. (You can end up in the wrong hands and really get messed up). I have experts who have proven to me over the years that they can pre-APPROVE my clients before we go out house hunting so there are no surprises down the road. (Yes there is a difference between being pre-qualified & being pre-approved).
If all of this sounds good to you I encourage you to contact me anytime at (732) 904-8403. Or at Diana@DianaBrunner.com
Thank you in advance.
Diana Brunner, ABR
The first step is getting pre-qualified for a mortgage. You can do this online (Google "pre qualified mortgage") or you can contact a Realtor who will set you up with a mortgage professional who can get you pre-qualified.
Best of luck to you!
Prudential New Jersey Properties