As you begin shopping for a home, asking yourself these questions can help you become better prepared for the purchase process, as well as what may follow.
What can I afford?
While some buyers may feel comfortable paying a larger percentage, the Wall Street Journal recommends spending no more than 28-percent of your monthly income on your home, including your mortgage, taxes, maintenance and other applicable costs. Should you spend a higher percentage, you may be at risk if your financial situation changes.
What housing expenses can I expect?
There will be expenses you incur monthly in addition to your home loan. Your mortgage lender can provide you with insight regarding down payments and closing costs, but it is also important to consider taxes, insurance, and utilities, as well as any improvements you may want to make to the home – such as purchasing updated appliances.
Does the house I want fit my future plans?
Consider your future goals when buying a home and do your best to consider the needs your household may encounter as it grows.
How do I choose a location?
It is important to consider how location, as well as proximity to necessities, work, and schools, may impact the resale value of your home, as well as your experience as a home owner. Research local activities, schools, and other factors that may be important to you when selecting your new home.
Am I prepared financially?
Buying a home is one of the largest financial endeavors you may undertake, and it is important to consider the expenses that may accompany it. If you need financial advice or guidance during this process, we suggest attending a home buyer seminar, as well as reaching out to a trusted financial professional. Additionally, your Loan Officer may be able to provide you with information on home buyer education to help you feel more comfortable.
If you have any questions, please give us a call today and we will connect you with a licensed Loan Originator who can speak with you about your options and help turn your dream of homeownership into a reality.
The opinions and views expressed in this blog post are those of the author and do not necessarily reflect the official policy of Mortgage Trust. This is for informational purposes and is not a commitment to lend. Terms and conditions of programs, products, and services are subject to change without notice. All loans are subject to credit and property approval. Certain restrictions may apply on all programs.
Mortgage Trust, Inc. is an Equal Housing Lender. NMLS 3250 OR ML-2225