Are You Ready to Buy a Home?

I’ve been there before when you've outgrown your rental. When it’s time to move because your lease went up 30% and it's not worth it. I’ve blessed a sneezing neighbor when we were both in our appartments, and I’ve been welcomed with a thank you for my consideration. I’ve been there when the neighbor above you vacuums their entire apartment while blaring the weather channel at the crack of dawn. I even been there when the kids next-door play video games all night while you stare wildly at the alarm clock in disbelief that it’s four hours before you’re due at work. I’ve walked my groceries upstairs hoping the bags don’t break while waiting on others to move out of your way.

I’ve been there before. I know the feeling when it's time to move.

It didn’t take me long to, well, long for a home. The final push was my growing family, and wanting a safe neighborhood with a steady home payment that I could budget. I wanted good schools for my children, and I wanted a yard that gave me more distance from my neighbors than paper-thin walls I was used to.

So put away your new lease offer, and stop building equity for someone else. It might be your time for a home.

I hope your story isn’t the same as mine - but if it is – you have hope. You can find a home on your budget, and you can find the right neighborhood, because Central Florida has a market of available homes at all price ranges and needs. I love helping people find the right home. We’ll look at schools your children will attend, or we’ll talk about the night spots you’ll party at just 10 minutes away. We’ll look at the Home Owner’s Association (HOA) rules so you know if anything is a deal breaker, and you should go to a property your considering on different times and days if you’re really considering a neighborhood. Limit your suprises.

You can find what you’re looking for, and in a down market it can be profitable for you if you don’t mind staying put in your new home for a little while. The equity you gain can open up a whole slew of options for you that don’t exist now because you’ll have an asset. Be smart about taking out loans against your new property though if plan on it, these types of loans are becoming less plentiful now anyway, and even though at the end of the day it’s an asset on the balance sheet – don’t just buy an investment – buy a home. This will be your home to great memories, and it’s a huge decision to make when picking your home.

So, How Do I Start The Process of Buying My Home?

So where do you start? First of all, you have to know your financial picture first and foremost. You have to start planning early because the first step toward buying your home surely isn't picking them home, it's getting pre-approved. Because the credit market are tightening up, you’ll need solid credit. Because of all the somewhat recent foreclosure problems, getting that home loan is becoming harder, so I have to emphasize that we need to plan your home early if you’re not sure about your credit history and your scores. Talking to a loan officer is key, and I’m happy to refer a professional. You can also go directly to your bank, or look online (definitely check the rates online for multiple lenders so you're educated), but often times your realtor can be your best asset when it comes to planning. I'm happy to tell you what the average rate I'm seeing people close at, and my team closes a lot of deals to have a good picture on what's reasonable and what isn't. Even though the industry is cracking down on fees, we'll take a look at these as well and I can help explain. I'll do an article on that as well, so check back later.

You can arrange your finances into a sensible plan and secure a mortgage that’s right for your income, and if you plan it well – it’s an incredibly rewarding experience.

Your mortgage application will involve a deep look in to your credit history. If you know issues exist, start working toward them early. If you don’t know your credit history or your score, you should take advantage of your free yearly credit score. Sometimes if a problem exists, it can be the result of filling out a form improperly (a simple mistake), or as serious as identity theft. The more involved the issues are the harder your application is to push through quickly, and it will be impossible until the matters are resolved. Once the process is complete you’ll get a pre-qualification (or pre-qaul as it’s called in “the business”), you’ll be able to seriously make an offer on a home. This is when we can seriously show you homes and start working on the decisions that will change your life.

There is no stronger tool when planning your home purchase, than to understand your finances and where a home fits in. It’s not easily done from start to finish, but it’s worth it.