| Congratulations! You have decided buy a house. Now | | | | Features you need to focus on are how many |
| you have to ask yourself "what type of house do I | | | | bedrooms and bathrooms do you want. Do you want |
| want?" Before you begin looking at houses you will | | | | a dinning room, game room, or media room? Do you |
| need to determine how much house you can afford | | | | want a pool, detached garage or attached garage? |
| to buy. | | | | What works best for you a 1 story or 2 story |
| A good rule of thumb is to make sure your | | | | houses? I could go on and on about the different |
| mortgage payment does not exceed 30% of your | | | | features you may want in your new home. Once you |
| gross monthly income. Your total debt to income | | | | begin looking at houses your original wants and needs |
| ratio (gross income per month divided by your total | | | | may change. |
| debt payments per month) should not exceed 40%. | | | | Here are some other very important decisions you |
| If you need help figuring this out a realtor or loan | | | | need to make: |
| officer would be more than happy assist you in | | | | 1. Are you buying a starter home or are you buying |
| figuring how much house you can afford. | | | | home you will be living in for quite awhile. |
| It would be in your best interest to meet with a | | | | 2. Are you going to buy house that needs work |
| mortgage broker to start the loan process. You | | | | which would allow you to buy more house for you |
| should almost always do this first so you know | | | | money. |
| exactly how much house you can afford. The | | | | 3. Do you want a new house or previously owned |
| mortgage broker will also assist you in finding the | | | | house? |
| right loan program that meets your needs. | | | | In today's current housing market buying a new |
| Many of my clients often ask me, what is the | | | | home has become very attractable because of all |
| difference between a mortgage broker and going to | | | | the perks new home builders are throwing in when |
| a bank to get a loan? The difference between going | | | | you purchase a new home. If you are not the handy |
| to a bank to get a loan and going to a mortgage | | | | man type of person, buying a new home may be |
| broker is that a mortgage broker will have many | | | | what you want to do. |
| different lenders to choose from and many different | | | | If you are unclear about whether to buy a new or |
| loan programs. The bank can only offer you their loan | | | | previously owned house, you should consider looking |
| programs. | | | | at both to get a better feel for what you might |
| If you need help finding a good mortgage broker I | | | | want. |
| would be more than happy to refer you to several | | | | There will be advantages and dis-advantages to |
| mortgage brokers who will work hard to try and | | | | buying either type of house. Your decision will be |
| simplify the whole process for you and answer all | | | | based on your personal wants and needs. |
| your financing questions. | | | | If you are interested in getting more detailed |
| Now it is time to get down to serious business. You | | | | information about the home buying process I would |
| now know how much you can afford to buy. The | | | | be more than happy to meet with you. I find great |
| next step in the process is for you to write down all | | | | satisfaction in helping first-time home buyers find the |
| the features you want in your new home. | | | | home of their dreams. |