Buy

Buying A Home

The Time Is Now

At Bob Capes Property Management & Real Estate Sales, it is our passion to put buyers in their dream homes.  With a wealth of experience, we can answer any of your questions about buying your first home.  Following these steps will guide you along your way, and give you some insight into the home buying process.

So why rent?  Stop throwing that money away every month, and invest into a home you can call your own.  According to recent trends it is 44 percent cheaper to buy, as opposed to rent.  Home prices are still historically low, and with credit unions making it easier to get mortgages:  The Time Is Now

The Process: Getting Started

The first step will be getting your credit report.  By law, you are entitled to one free copy of your credit report per year.  Annualcreditreport.com is a sound place to start.  Scores range from 300 to 850, higher scores yield substantially greater loans.  Assess the report for any errors.  If there are errors dispute them.  This could help your overall credit report.

Affordability

Finding out your specific price range can be relatively simple.  Whether deciding to talk to an experienced Real Estate Agent, or using an online mortgage calculator.  The tools are there to guide you.  However, you still need to factor in your down payment, closing cost, appraisal fee, etc.

Find a Lender

Now that you have done the math, it is time to find a lender.  There are many publications and sources to start your hunt.  Be that as it may, it is in your best interests to shop around.  It is important to find a lender who can pre-approve you.  This allows you to know almost exactly the size of the loan you qualify for.

The Right Agent: The Right Home

Finding an experienced Real Estate Agent, who is familiar with the area, is key.  Start looking for your home!  Ask yourself, “how many bedrooms or bathrooms do I need?  Do I need a big backyard?  How much kitchen space or counter space do I need?”  Express these needs and wants to your Real Estate Agent.  Never  be afraid to tell your Real Estate Agent what you do not want either.  The more knowledge they have the easier it will be to pinpoint the perfect home.

Getting Close: Mortgage Time

Which mortgage is right for you?  Fixed, adjustable, or intrest only are the primary types of mortgages.  Your mortgage banker, or mortgage broker, should be able to help you decide which one best fits your situation.

  • Adjustable rate mortgages (ARMs) are short-term mortgages that offer an interest rate that is fixed for a period of around 6 to 7 years.  After that, the rate fluctuates depending on the market.
  • Fixed-rate mortgages are more traditional and offer a fixed interest rate, and fixed monthly payment.  These take normally around 15 to 30 years to pay off.
  • Interest-only payment. What this means is that for a specific amount of time during the loan term, you are allowed to pay just interest portion of your payment.  You can still pay on principal if you desire to, but are not required to.

Closing

Getting a home inspection is very important.  Just because it is a new house, does not mean that it is completely favorable.  A home inspection is affordable and necessary.  What you are paying for is peace of mind, knowing that everything is up to code and in proper quality.  Make sure all the issues are addressed.  Talk to your mortgage banker to fully understand all fees and final closing cost.

Happy Hunting

At Bob Capes Property Management & Real Estate Sales,  we wish you well in your endeavors.  We would love to be apart of this journey, and to help open the door to your new home! Best of luck, and happy hunting!