Buying your first home is a major investment in terms of both time and money, and the learning curve for first time homeowners can be a steep one. If you are getting ready to buy your first home, it is important to prepare properly, and to make sure you are really ready to take this big step.
You already know that it is important to work with the best local mortgage lender in the Glendale AZ area, but simply finding the right financial help is not enough. As you get ready to buy your first home, you need to consider a number of things, from how long you plan to live in the area to how good (or bad) your credit score is.
One of the most important things to consider as you embark on your home ownership journey is that the purchase price of the home and the monthly mortgage payment will not be your only expenses. When you own your own home, you will need to pay for things like repairs and regular maintenance, as well as property taxes and other expenses. When the toilet breaks at 2 a.m., you will not be calling the landlord - you will be calling, and paying for, a plumber.
That is why it is important to carefully evaluate your finances and determine how much home you can afford. Experts recommend that housing costs account for no more than a third of your gross monthly income, so grab your most recent pay stub, find a good mortgage calculator and plan accordingly.
Working with a real estate agent you can trust will also be key to your success. It is important to work with a professional who has experience with the neighborhoods you are targeting, and one who is willing to work within the price range you have established. Some agents are reluctant to work with first time homeowners with limited budgets, but there are plenty of other agents who would love to earn your business.
Last but not least, it is important to know where you are from a credit standpoint before you go shopping for your first home. You can check your credit report online for free, so there is no reason not to know where you stand.
If you have a great credit report free of late payments and other blemishes, you may find that you qualify for the lowest possible mortgage rate. That is good news, since that lower interest rate will save you money now and for many decades to come.