First-time homebuyer?
Not sure where to start?
Here is the start.
angelica lazo realtor
First Time Home
Buyer Checklist
- Research the market
- Find a realtor
- make a plan
- get pre qualified
- Begin House Hunting
"HOPE IS NOT A PLAN.
DO NOt hope to be a homeowner soon.
make
a plan to beCOME one."
FAQ's: HOW MUCH MONEY DO I NEED TO SAVE?
truth is, The amount of money a first-time homebuyer should save to become a homeowner varies depending on several factors, including the purchase price of the home, the type of mortgage loan they qualify for, and the specific requirements of their lender. However, there are a few key expenses that buyers should be prepared for.
DOWN PAYMENT
DOWN PAYMENT
The down payment is typically a percentage of the home's purchase price paid upfront. the reommendation of having 20% of the purchase price is a myth. However, the more money saved the better. it's important to note that many mortgage programs offer options for lower down payments, such as 3% to 5% or even no down payment for certain eligible borrowers. Down payment assistance programs can also help reduce this expense.
The down payment is typically a percentage of the home's purchase price paid upfront. the reommendation of having 20% of the purchase price is a myth. However, the more money saved the better. it's important to note that many mortgage programs offer options for lower down payments, such as 3% to 5% or even no down payment for certain eligible borrowers. Down payment assistance programs can also help reduce this expense.
CLOSING COSTS
CLOSING COSTS
These are fees and expenses associated with finalizing the home purchase transaction. They typically range from 2% to 5% of the home's purchase price. Closing costs include charges like appraisal fees, inspection fees, title insurance, attorney fees, and mortgage-related fees. Buyers should budget for these costs in addition to the down payment.
These are fees and expenses associated with finalizing the home purchase transaction. They typically range from 2% to 5% of the home's purchase price. Closing costs include charges like appraisal fees, inspection fees, title insurance, attorney fees, and mortgage-related fees. Buyers should budget for these costs in addition to the down payment.
MOVING EXPENSES
MOVING EXPENSES
It's essential to consider the costs associated with moving, including hiring professional movers, renting a moving truck, or purchasing packing supplies. These costs can vary depending on the distance of the move and the amount of belongings.
It's essential to consider the costs associated with moving, including hiring professional movers, renting a moving truck, or purchasing packing supplies. These costs can vary depending on the distance of the move and the amount of belongings.
HOMEOWNERSHIP EXPENSES
HOMEOWNERSHIP EXPENSES
Once a buyer becomes a homeowner, they will have ongoing expenses such as property taxes, homeowner's insurance, utilities, maintenance, and potentially homeowner association (HOA) fees. These costs should be factored into the budget.
Once a buyer becomes a homeowner, they will have ongoing expenses such as property taxes, homeowner's insurance, utilities, maintenance, and potentially homeowner association (HOA) fees. These costs should be factored into the budget.
WHY BUYERS CONSULTATIONS ARE IMPORTANT
WHY BUYERS CONSULTATIONS ARE IMPORTANT
How do I start this process? You just did. by reading this you are already obtaining valuable information. The first step to homeownership is getting informed. The second step is creating a plan and speaking to a mortgage lender. Buyer consultations are important for every buyer, this can help you ask the many questions you may have and create a plan. contact me to schedule a free buyers consultation!
How do I start this process? You just did. by reading this you are already obtaining valuable information. The first step to homeownership is getting informed. The second step is creating a plan and speaking to a mortgage lender. Buyer consultations are important for every buyer, this can help you ask the many questions you may have and create a plan. contact me to schedule a free buyers consultation!
WHY SHOULD I OWN AND NOT RENT?
WHY SHOULD I OWN AND NOT RENT?
Owning a property offers several advantages over renting. Firstly, owning provides long-term stability and security. When you own a home, you have control over your living space and the freedom to make modifications or improvements as you see fit. Renting, on the other hand, often comes with restrictions on what you can do with the property. Secondly, owning a home can be a valuable investment. Over time, real estate tends to appreciate in value, allowing homeowners to build equity and potentially generate wealth. Renting, on the contrary, means paying someone else's mortgage without the benefit of long-term returns. Additionally, homeownership offers potential tax advantages, such as deducting mortgage interest and property taxes. Lastly, owning a property can provide a sense of pride, belonging, and the opportunity to establish roots in a community. While renting can provide flexibility, owning a home offers financial, personal, and emotional benefits that make it a preferable choice for many individuals.
WHAT ARE FIRST TIME HOME BUYERS PROGRAMS AND HOW DO I APPLY FOR IT?
WHAT ARE FIRST TIME HOME BUYERS PROGRAMS AND HOW DO I APPLY FOR IT?
Down payment assistance is a program designed to help individuals and families who are buying a home by providing them with funds to cover a portion or all of their down payment. The down payment is the initial amount of money that a buyer needs to pay upfront when purchasing a home.
The assistance funds provided through these programs can take various forms, such as grants, forgivable loans, or low-interest loans. The specific requirements and terms of the assistance will vary depending on the program.
It's recommended to consult with a mortgage lender who can provide guidance on the specific down payment assistance options in their area. i work with many great lenders in the Dallas-Fort Worth area who can help! 469-682-6316
when I am ready to get pre qualified what do I need to bring?
previous two pay stubs
ssn - itin - daca (ID)
2 years of tax returns
bank statements
home addresses (last 2 years)
purchase contract
Real Talk:
You might be closer to home ownership than you think!
angelica lazo
Real estate agent
Call me today 469-682-6316
Let's talk interest rates
Despite the current challenges of rising interest rates, now may be the perfect time to start your search for a new home because rates are still near historic lows. This is an opportunity to find and secure a home that fits your budget.
You might be closer to home ownership than you think!
Call me today 469-682-6316
Let's talk inventory
The current real estate market offers a higher than average inventory of homes for sale. This provides a greater variety of options for you to find the perfect home to fit your needs.
You might be closer to home ownership than you think!
Call me today 469-682-6316
Let's talk affordability
Transitioning from being a renter to a proud home owner doesn't have to be scary. Your mortgage repayments can provide stability and a sense of ownership, just like the comfort and confidence you felt as a proud renter.
You might be closer to home ownership than you think!
Call me today 469-682-6316
Let's talk memories
Your home is where you create lasting memories with your family and friends. Owning a home really allows you to personalise it to fit your needs and taste. I don't say this to discourage renters, rather to inspire you to take a leap into home ownership with me.
You might be closer to home ownership than you think!
Call me today 469-682-6316
BUYING A HOUSE-it should be exciting.
call or text 469.682.6316
