I am looking for my first house to buy sometime next year, and I am trying to figure out what price ranges I should be looking at.

Asked by dadysgirl1039x, 45322 Fri Apr 20, 2012

I really have no idea because I'm not sure of what is all included in the whole loan and mortgage costs. I know it varies but I would really appreciate a rough estimate so I am not looking way out of my price range. I make about 1500/mo and after bills probably 1100/mo.

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Dan Tabit’s answer
Dan Tabit, Agent, Issaquah, WA
Fri Apr 20, 2012
Congratulations and deciding to buy your first house. You will need two good professionals to be successful and have a smooth transaction, a lender and an agent. Usually when you find one, the other can give you a referral to the other. As a first time buyer you need each of these professionals to be willing to take the time necessary to assist you as you learn quite a lot.
The best answer to your specific question will come from the lender. Meeting with a lender early on is critical as you need to know about the loan programs, how much you qualify for and if there are credit issues you need to address. Fixing errors, omissions or fraudulent reports can take several months, so it's not too early to begin this process.
You'll also likely need to save up some down payment money. Meet with someone at your bank soon to see what they can do and then decide which step is next. Best of luck to you.
1 vote
Patrick Fiel…, Agent, Plano, TX
Mon Apr 23, 2012
Good morning!

It sounds like you are saying that your disposable monthly income after expenses is about $1100 a month. Since you would not want to be cash poor and house rich, you wouldn't want to budget that entire amount to a mortgage.

Do you currently pay rent? If so, this amount may be a good starting point to consider as you collect information (from a realtor and mortgage lender.)

Remember that with your mortgage will come, property taxes, homeowners insurance, and possibly HOA dues. In addition, if you mortgage program requires that you pay mortgage insurance due to a lower down payment, this too will be a monthly cost to consider.

Basically, just for your mortgage, your monthly payment will be $453 on a $100,000 home purchase, financed at 4% for 30 years with a 5% down payment. With taxes, insurance, and maybe PMI, you would be looking at about $625.00 a month depending on the rates in your region.

Also, don't make the mistake of overlooking savings and retirement planning, and home maintenance, as part of your larger financial planning goals.

Please let me know if I can be of help with a referral to a lender or realtor in Englewood area.
0 votes
Doug Wagner, Agent, Beavercreek, OH
Mon Apr 23, 2012
I specialize in first-time home buyer representation in the Dayton area and provide a free, no obligation personal Home Buyer Presentation that covers all aspects of the home-buying process including costs generally not discussed by mortgage providers. You can visit our web site to see the comments of buyers we have represented.

It's a great time to buy and conditions will likely still be very favorable to buyers next year. Feel free to contact me directly and I'll be happy to answer any questions. By the way, you don't pay for your buyer's agent representation - so take advantage. Good luck.
0 votes
By the way, we also provide referrals to reputable, local lenders.
Flag Mon Apr 23, 2012
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