Buying a home is an exciting but often overwhelming experience, particularly if you are buying your first home. As your REALTOR®, we can help you through the home buying process and assure that you find the right home for you, at the right price for you. Every home buyer has a number of concerns, all of which we can help you with: Setting a Time Frame There are a lot of variables in the home-buying process, which means the time it takes to find and buy your new home varies too. A typical home search process may take three to four months, including the mortgage approval process, comparing and evaluating properties, making an offer and the closing process. The loan process typically takes 30-45 days. The Lending Process Perhaps one of the most intimidating aspects of buying a home is the mortgage approval process. We’ll be here to help guide you through this, but there are many ways you can prepare early to make the process smoother. Start by making sure your budget is under control–make a list of all your monthly expenses, compare it with your income, and see if adjustments need to be made. You should also try to pay off small credit card balances. Start gathering documents you may need, such as W-2 forms, income tax returns for the past few years, pay stubs, records of child support or alimony, bank statements for the past several months, and your credit report. Also, be sure to allow for closing costs. Getting several offers will allow you to compare loans and get the best deal. Determining How Much You Can Afford A general guideline to consider is that most buyers purchase a home that costs about one and a half to two and half times their current annual income. For example, someone earning $50,000 a year might purchase a home for $75,000 to $125,000. Mortgage payments should be about 26-28 percent of your gross monthly income. Existing debt is also considered in the mortgage process, and total debt payments (car payments, credit cards, student loans, etc.) should not exceed 40 percent of your gross monthly income. Finding a Home That Meets Your Needs and Wants Before you start looking at properties, make a list of “must-have” features along with optional features you’d like to have. “Must-have” features may include the number of bedrooms and bathrooms you’ll need to accommodate your family, location (consider commute to work, which schools your children will attend, etc.), lot size and special needs (handicapped access, etc.). Optional features may include the architectural styling, bay windows, landscaping, etc. Having a clear idea of what you want in a home will help your REALTOR® find the perfect property for you.Educating yourself about the home-buying process is key to getting a home you love and can afford. As your REALTOR®, we are here to answer any questions you might have and guide you through this process.

There is a lot to consider when buying your new or next home. You want to make sure that you get the BEST house for YOU. Choosing the right home, the right neighborhood, the perfect layout – it can become overwhelming. It doesn’t have to be if you journal your thoughts and think about what the most important factors you want in your new home are. In your journal, include a list of “needs vs. wants” in a new home. This doesn’t mean you can’t have what you want in your home, but rather that you have a priority list of the most important features. You may not be able to obtain all the “want” items on your list, within your budget. You may have to compromise on a few items to stay in line with your budget. Here is a review of “needs vs. wants:” Wants: Specific carpeting, paint, exterior color Pool Jacuzzi Hardwood floors, tile, carpet Bay Windows Built-in entertainment center Brass light fixtures Pretty view Needs: Adequate square footage for comfortable living Sufficient bedrooms for family Comfortable eat-in kitchen Backyard for children’s or pet’s play area Easy access to schools