The home buying process can be enjoyable when you follow these tips! Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying. Know your rights!
Find out How Much Mortgage Can You Afford
You can save yourself a lot of wheel-spinning during the home buying process if you take a minute to figure out how much mortgage you can afford. Generally, a lender will want the homebuyer's monthly mortgage payment to total no more than 29% of your monthly gross income (that's your monthly income before taxes and other paycheck deductions are taken out.) You also need to consider current loan interest rates. The lower the interest rate, the more expensive the home you'll be able to afford. Follow our tips and use these simple calculators to see how much you can afford in a mortgage payment.
Create Your "Wishlist"
Make your Wish Lst. As a homebuyer focus on the features you want in a home: 2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing what you're looking for will help you focus your search. And it will help your real estate broker, too.
Find a Real Estate Broker
One of the first steps in the home buying process is to start searching for a broker. Talk to several and find someone you think you'll be comfortable working closely with. Many of your friends and relatives have probably bought and sold their homes through brokers. Ask them who they used and what their experiences were. You can find out which brokers specialize in the kind of home or the area you want by looking in the Yellow Pages or your local newspaper's classified real estate ads. Or drive through neighborhoods and note the names of brokers on "for sale" signs. When you talk to prospective brokers, ask questions about the areas and types of homes in which you're interested. Do they seem knowledgeable? Most important, is their personal style a good fit with your own?
Mortgages and Homebuying Programs
Many different kinds of mortgages are available to you. Read about them, and make sure you understand the pros and cons of each. Your real estate broker can help you. HUD offers some special homebuying programs. Also, many local governments offer special homebuying programs to help low-income homebuyers. Shop around - you may be surprised at all your options!
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Rio Rancho For Sale $115,000 3 Beds / 2 Baths
Great open floor plan with newer pergo floor, built in book cases, cozy wood burning fireplace, newer appliances. All bedrooms have walk-in closets, garden tub in masterbath. Mountain views on fenced ...
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Albuquerque For Sale $118,500 3 Beds / 2 Baths
Enjoy this immaculate doublewide on a permanent foundation. Conveniently located close to the Rail Runner Train Station, Airport Bus service and Interstate 25...
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Albuquerque For Sale $128,900 3 Beds / 2 Baths
Darling home featuring mountain views from the back yard, low maintenance landscaping and new paint. This home is ready for new owners and priced to sell, home inspection has been completed...
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Albuquerque For Sale $129,900 3 Beds / 1 Baths
Nice home near schools...Large Backyard with covered patio* Low maintenance landscaping in the frontyard *Needs some minor work.Sold-As-Is 0 Warranties Expressed or Implied...
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Albuquerque For Sale $148,000 3 Beds / 2 Baths
Great Deal! Excellent Location in the Taylor Ranch Area, 2 story brick home. Additional 90 sqft heated study or craft/hobby room**not included in total sq feet...
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Rio Rancho For Sale $155,000 4 Beds / 2 Baths
4 bedroom Tiffany home on a large lot, loaded with features. Inside are raised ceilings, bull nose corners, sky lights, refrigerated air and a gas fireplace...
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Rio Rancho For Sale $159,999 3 Beds / 2 Baths
Ceramic tile throughout main living areas. Vaulted ceiling gives nice open feel. Spacious backyard w/covered Gazebo with flagstone floor and covered patio w/flagstone and cool kiva fireplace...
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Albuquerque For Sale $164,900 3 Beds / 3 Baths
Home Shows Like A Model! Beautiful Laminate Flooring With Island In Kitchen 2 Living Areas Loft Upstairs Open And Spacious Floor Plan. This Home Has Lots Of Upgrades Including Refrigerated Air...
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Rio Rancho For Sale $175,600 3 Beds / 2 Baths
Exceptional Wallen "Freedom" floor plan offers a spacious Family room, gourmet kitchen with center island, plenty of cabinets and pantry adjacent to the dining area and breakfast bar...
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Albuquerque For Sale $188,000 3 Beds / 2 Baths
Charming home with fresh paint throughout and a pleasant great room that opens onto a delightful back patio and garden. Arches, nichos, skylights, ceiling fans add to the appeal of this home...
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Albuquerque For Sale $189,499 3 Beds / 2 Baths
Price Reduced over 10k, seller ready to sell! One of a kind beautiful cozy home that offers a delightfull two way fireplace in the living room and dining area. Move in ready and coveniently located...
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Albuquerque For Sale $195,000 2 Beds / 2 Baths
Enter this beautiful patio home through the courtyard and covered front patio. You will have a two car garage, carport, RV pad and two work shop/storage areas...
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The home buying process can be enjoyable when you follow these tips! Before you start, there are many laws that protect you from scams, unnecessary expenses, and discrimination in the process of homebuying. Know your rights!
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