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Checklist for First-time Home Buyers

Owning a home is something most people dream of and it also represents one of the most significant investments people ever make; this makes it necessary to dive into the buying process knowing what’s required and what isn’t. Here is a basic checklist for first-time home buyers to keep in view:

1 – Sufficient amount of money to make your mortgage payments

These, of course, will have to be made on a monthly basis. But when you do your calculations and find that a mortgage payment will send your budget into a tizzy, you can’t really consider moving out of rented accommodation just yet. There are a number of online mortgage calculators you can use to calculate your monthly commitment.

2 – Sufficient income to make payments like homeowner’s insurance and property taxes.

The mortgage isn’t the only expense you would have to make every month. These other payments would also have to be factored in, and if that’s something which doesn’t fit into your budget, you will have to defer your home purchase decision for some time.

3 – Maintenance costs

Just being able to afford the down payment and mortgage isn’t enough. You also have to ensure that the home is in a state of good repair or else it will quickly lose its value and you will have to bear these losses. You have the option to either handle all the maintenance tasks yourself or simply hire someone for them. In either case, you can’t ignore jammed windows or peeling paint so these costs are something you would have to take into account.

4 – A decent credit history

If you have a large number of late payments, unpaid debts or have declared bankruptcy, you will find it more difficult to get the mortgage. And even if you do manage to get it, the poor credit history will mean you have to pay an escalated interest rate.

5 – Consider the duration of your home loan

Most homeowners opt for a 30-year mortgage while others may choose a 15-year loan or some other duration in between. When you opt for a loan with a shorter repayment term, you will have to pay a lower interest rate so this is something you should be looking into while buying your first house.

6 – Get all the paperwork ready

While number crunching is part and parcel of the house buying process, there is a lot more to it. You’ll have to start looking at all paperwork with the numbers on it. This means you need to collate paperwork like canceled checks for utility payments and bills, recent pay stubs and federal income tax records. Check with a mortgage lender what other relevant paperwork is required and make sure you have all of that as well.

7 – Make a list of the neighborhoods you like

Scope various areas to identify where you would like to live. It’s not sufficient to just decide that you want to live in a certain geographical area like the east or west side of a city. You need to be more specific and decide which neighborhood you want to live in; house prices vary from one neighborhood to the next; sometimes there can be a significant price variation from one block to the next as well.

For any more information about purchasing a new home in Saint Cloud Florida, don’t hesitate to get in touch with us at A&M Homes through our contact us page. We’ll be happy to help.