What You Really Need To Know!
Finding The Right Home For You
Every homeowner has different needs, wants and expectations. Finding the right home for your lifestyle does not have to be challenging if you are working with the right real estate team. Menas Real Estate works with several established local listings than can work with you to find the best fit.
We suggest making a list of wants and needs for your new house. Do not be afraid to update your lists as you see other houses. You may not find everything you want in one home, but at least you have an idea of where to start.
Knowing You Have Found The Right House
There are a lot of ways to tell you have found the right home for you. Three things we like to share with our buyers are
- Can you envision your furniture in this house?
- Can you image painting the walls your favorite colors?
- Are you excited to tell your friends and family about the house?
Down Payment Truths
The typical rule of thumb is to pay 20 percent of the home’s price as your down payment, although some mortgage loans require as little as 3.5 percent down. Not all home buyers have to have 20%. A good realtor and a good mortgage lender can assist you in determining what is the right down payment option for you. Your down payment reduces the total amount of your mortgage loan, so the more money you put down, the more expensive a house you can buy. At the same time, you can put more money down to decrease your mortgage payment each month. Use an affordability calculator to see how your down payment affects your home affordability estimate and your monthly mortgage payment.
Figure Out What You Can Afford
Home affordability is based on your annual income, your down payment, monthly spending, loan type, and current average APR. In order to determine how much house you can afford, you should start by looking at how much you earn (salary, wages, tips, commission, etc.) before taxes. This should be combined income for people searching for a home together.
Once you have your monthly expenses, your mortgage lender and your real estate agent will be able to get you a more accurate determination of how much you have left to spend on a monthly mortgage.
Make sure you decide on a home that you truly love. Purchase a house for the type of life you want to have.
Most importantly, work with a realtor who knows the area and really understands your needs and wants. Menas Real Estate is ready to help you find your dream home.