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FIRST TIME homebuyer

● Pay off debt & Start Emergency Fund

Owning a home is expensive, much more expensive than renting, even if your monthly house payment will be similar or cheaper than your current rent amount. This is  because when you own a home, you’re responsible for all the maintenance and upkeep costs. Those costs can add up fast! So, before you even think about buying your first home, make sure you have little to no debt and an emergency fund in place that will cover three to six months of expenses.

 

Down Payment Assistance Programs

Down payment assistance programs can be administered by a local or state housing authority, a nonprofit organization or directly through your lender. They provide prospective homeowners with a set amount of money that can be used to cover the initial down-payment and closing cost associated with the home purchase.

 

Save up for closing

Along with your down payment, you’ll also need to pay for closing costs. If you’re a first-time home buyer, you may be wondering how much it costs to close on a house. On average, closing costs are about 3–4% of the purchase price of your home. Your lender will give you a specific number so you know exactly what to bring on closing day. These fees pay for important steps in the home-buying process, including: Appraisal, Home inspection, Credit report, Attorney fees, Homeowner’s insurance, etc

 

Mortgage Loan Pre-Approval

Once you’re confident you have enough cash saved to pay a minimum 3.5% down payment and closing costs. Your next step will be loan pre-qualification. Be sure to take the extra time to get a pre-approval letter from the lender before you start your home search. Having a pre-approval letter shows sellers that you’re a serious buyer, which is a great way for first-time home buyers to get ahead in a competitive market.

FINDING THE RIGHT HOME

● LOCATION, LOCATION, LOCATION

Buyers want to find a location that allows easy access to the places they frequent the most (work, school, shopping, recreation, place of worship, friends and family). Look for easy access to the main roads and check traffic flow. Checking this out before a purchase can help save you from hassles getting out of the neighborhood and onto the main thoroughfare or from an unreasonably long commute.

 

Number of bedrooms (NEEDED)

Each family will have an idea of how many bedrooms they would like. Most people will want at least two, and if there are children, the number increases. Some families like their kids to share bedrooms, while others like separate bedrooms for each to accommodate different bedtimes and study habits. If you have regular visitors for any length of time, it’s nice to have a bedroom that is designated as a guest room.

 

An extra bedroom often doubles as an office, den, kids’ playroom, or exercise room. Many hobbies can require working space and storage for supplies, and an extra bedroom serves this purpose well.

 

The age, style and condition of home appliances

Appliances are expensive to replace. Take the time to estimate the age and condition of each. You may also have some strong preferences. For instance, you might enjoy cooking on a gas stove and dislike using an electric range. For some people, these types of differences can be deal breakers. If they are for you, let your realtor know.

A typical kitchen has many appliances. If there are any you can’t do without, check to see that the home provides that convenience or that there is room to add it later. Some are easier to add than others (microwave compared to a dishwasher if space is limited). Check the water heater as well as the furnace and the air conditioner. If there are fireplaces or wood-stoves, it’s good to know if they have been maintained properly.

You can make an educated guess at the age of the appliances, and your home inspector can report on it later. When looking at a home, don’t assume that all appliances will stay with the house. Check the property listing to see which are part of the purchase and which are not. If most of the appliances and mechanical systems seem dated, you need to be aware of replacement costs.

 

There are many more important things to consider once you have decided to purchase a home, call today for more assistance.

FINANCIAL READINESS

There are many financial benefits that you receive with homeownership. In order to assure your financial stability throughout the homebuying process, you should take into consideration the following:

  1.  Save enough for a down payment a minimum of  3.5% of the total home purchase price.
  2. Save for additional maintenance costs
  3. Employment stability
  4. Long-term plans to live there for 5+ years
  5. No credit card or other major unsecured debt. ( Do not purchase a new car when you are considering a home purchase.)

 

New to home financing?

Buying your first home is a big deal. Between comparing neighborhoods and reviewing real estate listings, make sure you understand the basics of home financing.

 

Ask yourself these questions

Instead of trying to estimate how much you may be able to afford, we can get you pre-qualified — provide some basic information to get an idea of your home price range.

 

Estimate your price range

You have a few ways to do this. You can use any online mortgage calculator, Or connect with one of our experienced mortgage consultants who can help you throughout the process.

CLOSING DAY

Shopping for your new home is exciting, but make sure you plan for closing costs to avoid last-minute surprises.

 

Once you find the perfect home and your loan has been approved, you have a few more steps to take before you get the keys to your new home. One of those steps is paying closing costs.

 

What you need to know about closing costs

During closing, you’ll need to review and sign loan and other paperwork to finalize the home purchase process, as well as pay some upfront costs.

  • Closing costs depend on several factors including your lender, type of mortgage, and the home location. However, typically closing cost equal 2 to 5% of your home purchase price.
  • Closing costs can be paid by you, the home seller, or the lender.
  • You may be able to use monetary gifts from family for all or a portion of your closing costs.
  • If you complete an approved homebuyer education course, you may qualify for a closing cost credit when you make an eligible down payment of 3 to 5% on a fixed-rate loan.
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Examples of typical mortgage closing costs

 3 days before you close, you’ll get a Closing Disclosure with final costs, which may include:

 

Origination charges for application and underwriting fees

  • Services where we select the service provider like appraisal, credit report, and flood determination service
  • Services where you request the service provider including the pest inspection, survey, and title search
  • Taxes and other government fees like recording fees and other taxes (a lender has no control over these costs)
  • Prepaids are the first payments for your homeowners insurance, mortgage insurance, and prepaid interest

 

Rambeau Realty has over 15 years of real estate and financing experience. The combination of expertise and our commitment to meet our clients’ needs gives our clients an advantage.

THINGS TO KNOW

Mid-year Check Up

JULY 2019

CONTACT INFO

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1115 Mt. Zion Road, Suite 10

Morrow, Georgia 30260

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(678) 833-9086

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info@rambeaurealty.com

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