Your first step is to analyze how much you can afford to pay each month. A good start is your monthly rent. You have obviously been comfortable paying that each month. A mortgage lender can tell you exactly how much you can afford each month taking into consideration your income and debt ratio. It is important to establish your spending capability early on so you do not waste time and emotional energy looking at homes you cannot afford.
Each state and city are different as far as what is included in a house payment. Dallas, Texas for example has higher house payments due to our property tax being higher than most cities; but we do not have state or personal income tax. I mention this because your monthly mortgage payment is comprised of principle, interest, property taxes, and house insurance. (PITI) Again, your lender will tell you exactly what you payment will be for the amount you want to spend.
The next and most important decision is choosing a Realtor. If you happen to find a Realtor first they can refer you to a good mortgage company. You will be working closely with both of these people so make sure it is a good match for you. Getting a referral from a family member, friend or co-worker is always a good idea.
Here are some questions to ask a Realtor:
1.How long have you been in business?
2.Is this your only job?
3.How many homes do you sell a year?
4.Do you sell in this area (the area of the city you are interested in)?
5.Do you use email or text (or however you want to communicate)?
6.How will you help us determine what price to offer for a home?
7.Do you have a list of vendors you refer such as plumbers, heat and air companies, contractors etc.?
8.Do you work with 1st time home buyers?
9.How long does it usually take for your clients to find a home?
10.Will you be showing me listings from other companies or just yours?
11.Do you have online resources where I can look for homes?
Your Realtor should not only be able to walk you through the process but also anticipate and help solve any pitfalls that may arise.
This should give you a place to start the home buying process. As I tell my buyers’, “This is supposed to be fun and exciting. My job is to anticipate your questions and give you the answer before you knew to ask the question.” I do not want to just be your Realtor for your first house, I want to be your Realtor for life and your first thought for referrals to your friends and family.
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