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Know your budget: Just because your lender says you qualify for a certain size loan doesn't mean that you can afford it!
Ask yourself a few simple questions:
- 1.How much cash do you have for a down payment? (typically down payments range from 5-20% down of the purchase price)
- What percentage of your monthly income will go to your mortgage? (A rule of thumb; a mortgage payment should be 25-30% of your monthly income.)
- What will my monthly expense be? (When adding up monthly expenses take into consideration future expenses such as: repair and maintenance, vacations, social expenses, new car, etc.
- Will I be able to find a mortgage? (Consider mortgage pre-approval, not only will it give you stronger negotiating power but it will lessen the stress of finding financing in a limited period of time.
Finding the perfect Neighborhood is much easier then it sounds.
- First prioritize your needs. Do you prefer to be close to shopping or work? Would you like amenities to be within walking distance?
- Secondly, research different neighborhoods by waking thru them. It is a great way to see how homes are cared for and who lives in the neighborhood.
- Thirdly, go online. Most communities have websites that are (?) their community.
Make a wish list.
- What neighborhood do you want to live in?
- What price range would you consider?
- Are schools a factor and, if so, what do you need to take into consideration
- Do you want an older home or a newer home (less than 5 years old)?
- What type of home would you like? One story, 2 story, tri-level
- What style house appeals to you most? Contemporary, traditional, colonial, no preference
- What type of lot would you like?
- Large yard (1 acre or more)
- Small yard (less than 1 acre)
- Fenced yard
- Garage (one car, two cars, two and half car)
- Patio/deck
- How many bedrooms would you like?
- How many bathrooms do you want?
- How big would you like your house to be (approx. square feet)?
- What special features do you want to have in your house?
- Air conditioning
- Wall-to-wall carpet
- Ceramic tile
- Hardwood floors
- Eat-in kitchen
- Separate dining room
- Formal living room
- Family room
- Great room
- Finished basement
- Fireplace
- Spa in bathroom
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