Homebuyer Tips

1. KNOW WHAT YOU’RE LOOKING FOR

Before you begin to search for your new home there are a few factors that you should consider first.

1. How much space will your family need?
2. What cities or neighborhoods are you open to?
3. How important are schools for you?
4. Are you looking for a single-family home, condo, or open to both?
5. What style of home? Ranch, bungalow, colonial, etc.
6. What can you afford?

Some home buyers may be searching for a location or neighborhood they really like. Others may be looking for a location they like, but are more interested in the affordability of their new home. Still others will value the school district they are in more than anything else. You need to decide what factors are most important to you in case you need to potentially compromise when choosing your home.

We recommend making a list of must-haves for your new home and listing them in priority order:

1. Number of bedrooms and bathrooms
2. Square footage
3. Foundation/basement
4. Garage size
5. Fenced yard
6. Additional features: Granite counter tops, pool, etc.

2. PREPARE FOR YOUR DOWN PAYMENT

We highly recommend saving up some cash for a down payment. Almost all mortgages require some amount of cash as a down payment. The amount you save will effect the type of loans you’ll qualify for as well as the total amount you will be able to afford to borrow for your home.

3. FIGURE OUT WHAT YOU CAN AFFORD

Use our mortgage calculator below to see what your approximate monthly payments would be based on different down payments and lending terms. This will help you better understand what you may need for your down payment in order to make your monthly payments affordable within your budget.

4. ALWAYS GET PRE-QUALIFIED

Now that you have established the location and type of home you’re looking for. You also know roughly how much you should plan to save and expect in monthly payments. It’s time to start looking around for a bank or lending institution to get pre-qualified with. Contact the lender of your choice and request a pre-qualification letter so you can officially start your home search.

5. FOR MORE INFORMATION AND QUESTIONS

Please call to Real Deal Realty 248-495-1861 , or email: natatrealty@gmail.com