While it may be acceptable to snap up a pair of shoes on an impulse, the choice to buy a home requires thoughtful planning and decision making.
Whether you’re a first time home-buyer or you’re a repeat buyer, buying a home is a financial and emotional decision, not to mention one of the biggest purchases you’ll make. Buying a home requires the experience and support of a team of reliable professionals that will guide you to the right decisions.
Why Do You Want to Buy a Home?
For first-time buyers, you will need to think about the commitment to living in the same community for five to seven years. Is this going to be a starter home? Or is this going to be a home you need to grow in to.
Deciding to buy a home is a lifestyle choice that will require you to think about how you would like to spend your time and the type of community you want to be in. For example, do you want live in a rural area without nearby neighbors, a high-rise building in a city or a home within a planned community with recreational amenities?
The goal is to establish roots in a neighborhood and look forward to decorating and remodeling the way you’ve always wanted without the hassle of a landlord.
The more you figure out and understand your priorities for a home, the easier it will be to narrow your real estate decisions.
Are Your Finances Ready for Homeownership?
There are many step when qualifying for a home mortgage, but first you’ll need good credit, a pattern of paying your bills on time while saving money and a maximum debt-to-income ratio—your gross monthly income compared to the minimum payments on all recurring debts—of 43% or less.
Sound overwhelming? Don’t worry, Florida Mortgage Solutions, Inc. can help you prepare to buy a home and offer you a loan program with lenient requirements.
For example there are loan programs available to you with low down payments of 3.5% to 5% and a few programs that offer no down payment —Our website will be able to assist you on finding what loan program is best for you.
What Can You Afford to Buy?
Housing prices vary based on location, there are tools on our website that can help you with the, such as the Rent vs. Buy calculator on our website to estimate the difference between your current rent and buying a home. In some markets, buying a home can cost the same or even less than renting.
Keep in mind that when you are a homeowner, you also need to include home-owners insurance, property taxes and homeowners association dues in your housing costs. Again, Florida Mortgage Solutions, Inc. will be able to
help you deciding who to go with and some programs allow you to consolidate that into one payment with your mortgage.
Once you’ve thought through the emotional and financial aspects of becoming a homeowner, your next steps should be pre-qualifying to ensure you are looking at homes you can afford, often times home-owners low ball what they think they can afford. Use the tools offered on our website to pre-qualify and find out your options for financing your purchase.
