Here is some information that will help you get started. If you have any questions, please give me a call at 817-422-2945. I live in Arlington and would be happy to assist you and your family with your home search.
It is crucial that you have saved enough money to support a down payment in addition to your other debts. You will need a minimum of 3.5% down payment for a FHA loan or 5% down payment for a conventional loan plus closing costs, property taxes, insurance and possibly homeowners association dues. Of course, you must have job stability and steady income.
How long do you plan to live in your home?
If you are not able to commit to at least 3 years, then I would not suggest purchasing a home. Like all long-term investments, a property may not increase substantially in value in a short amount of time.
What are the costs of owning your home?
Be realistic about the need to budget for repairs, routine maintenance, heating and cooling, other utilities, yard and pool care. I recommend saving 3% of your homeâ€™s value in an emergency fund to tackle routine maintenance, eventual repair expenses, or funds to cover a homeownerâ€™s insurance deductible.
If you think you are ready, whatâ€™s your next step?
You need to evaluate your personal finances by making a budget to see what you can comfortably afford for your lifestyle. A mortgage lender will qualify you for a mortgage loan amount and that is your borrowing limit. It does not mean you should borrow the full amount.
After you have determined what you can comfortably afford from your personal budget for your house payment, the next step is to contact a mortgage lender to get pre-qualified for a home loan. You can choose any lender you prefer. I recommend SWBC Mortgage in Fort Worth, and have worked for them for over 7 years. Check out http://www.lindamister.com
Britta Hinze, RealtorÂ®
Alexander Chandler Realty, LLC
6336 Camp Bowie Blvd.
Fort Worth, TX 76116
*C.P.R.E.S. Certified Probate Real Estate Specialist
*Preferred Real Estate Professional with the Veterans Land Board (VLB)
*2012 Alexander Chandler Executive Club Production Award Winner
*Seen on HGTV's House Hunters!