• Determine Affordability. The first step in the home-buying process, whether you are a first-time buyer or a seasoned purchaser, is to determine how much “buying power” you have. This includes the down-payment requirements, closing costs, monthly mortgage payment, utilities and home maintenance costs. There are many mortgage financing programs available to suit your unique situation. In general, a Conventional Mortgage will require a minimum of 5% down-payment. Your monthly “debt to income” ratio should not exceed 36%. Your credit score should be a minimum of 660. Mortgage lenders can work with you to find a program that can help you obtain financing for a house using other programs that may allow for lower credit scores, higher debt ratios and lower down-payments, such as FHA loans and other special financing programs. Once a lender approves you for a particular loan amount, it’s most important that you are comfortable with the payment. Keep in mind that owning a home will require utility payments and home maintenance costs above the mortgage payment. If you plan to move in three months or less, you should obtain a “pre-approval” so that you can begin touring homes as soon as possible. If you are planning for a future move, you should still find out how much a lender will allow you to finance, however, the “pre-approval” will need to be refreshed due to possible changes in programs and interest rates. Also, the lender will need to check for any changes in your “pre-qualifying” status such as income, assets, debt levels and credit scores. A consultation with a mortgage professional early in your search process is encouraged.

 

• Location, Location, Location! Now that you know how much of home you can afford, you are ready to look for a location. Location is very personal. It will depend on how close you will be to your place of employment, family members, local shopping, places of worship, and schools. In today’s society where most households have two incomes, time is increasingly more valuable. Spending less time commuting can add quality time back to your life. Once you have narrowed your location to a few choices, you will want to further find out which neighborhoods in those areas have homes within your price range. Now it’s time explore those neighborhoods at various times of the day to see if it is a community where you would want to live.

 

• Choose your desired amenities. Once you have a general location chosen and have determined your price range, it’s time to make a list of the home features you need and want. It will become important to know which features you consider “must have”, versus features that would be “nice to have”. It would be ideal to find a home in your preferred location, with all the features you desire, within your price range, available for sale, at the time you are looking to move. Sometime that happens! But sometimes you may find that a home offers only most of the features. Knowing advance will help keep you focused during the excitement of the home search. That list can also be useful while you are touring homes. สร้างบ้าน

 

• Begin your search! Many home searches now begin using online tool. Some studies have shown that up to 90% of buyers use the internet to find their home. Searching online is exciting and efficient. You can see many photos, virtual tours and find out extensive details about the property. This is also a great way to find out what properties are available in the communities you desire. Through these searches, you can begin to see which neighborhoods offer the features you would like to have and whether or not they are being offered at prices within your range.

 

• Work with a Realtor. If you have not already done so, select a Realtor to work with. Whether you are early in the process or ready to start viewing homes, your local Realtor can be a valuable resource to you. They can provide you with ongoing information to assist with the buying process. During your buyer counseling, you can also begin learning about what will be required for writing contracts and final settlement. As you find homes you would like to see, provide those to your Realtor to schedule showings. As you begin touring with your Realtor, they will better understand your buying needs and will be working to find a home along with you through networking, broker tours and other buyer tours. There are also many mobile applications available to keep you connected to your Realtor during the search process that will enable continuous communications about homes that are of interest to you.