Buying a home is a big step, and it’s important to educate yourself about the home buying process before you dive in head first. After all, it’s probably the biggest investment you’ll ever make. It’s important to choose a home and a mortgage that you won’t regret.

Does home ownership fit your lifestyle?
To answer this question, you will first need to think about your income. Is it reliable? A mortgage is a huge commitment, and having a stable income is something that will give you peace of mind that you can continue to make your mortgage payments on time.

You will also want to determine if you will be staying in the same area for the next five years. This is, on average, the time it takes to break even on a home purchase.

The next thing you’ll want to think about is whether you’re ready to maintain a home. This means regular care and maintenance of the interior and exterior.

What do you want in a house?
Consult with friends, family, and your real estate agent to create a “must have” list and a “wish list.”

Generally, must-haves include location, number of beds and bathrooms, square footage, yard size, kitchen size, and layout.

When considering location, ask if you would like to be close to parks, restaurants, shopping, your workplace, friends and family, or other places that are integral to your life ?

You will also want to consider school zones if you have or plan to have school-aged children in the next few years.

How much can you spend?
Once you’ve figured out what you want and need in a home, it’s time to talk with a local lender about what you can afford based on your situation.

You will discuss how much you are comfortable investing in a home and how much you would like to spend on a monthly mortgage payment.

This not only gives you great convenience while shopping, but it will also help you in your negotiations with the seller.

Once you’ve worked with your lender to determine a monthly payment and approximate sale price, and started the process of finding a great agent, it’s time to look at what properties are available in the areas you want. interest.

Although browsing online is easy and convenient, it is important to note that these sites are not always up to date and with a hot property market, a real estate agent will be much more valuable in helping you find properties as soon as possible. . they are available in the market. They also have a pulse on the local market and know homes that are not yet on the market but will soon be listed.

Ready to start on the path to home ownership? Apply today!

Shirvan Joseph
Diversity Manager/Loan Officer NMLSR# 188513
571-278-8351
[email protected]
TowneBank Mortgage NMLS #512138.

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The information contained herein (including, but not limited to, any description of TowneBank Mortgage, its affiliates and its loan programs and products, eligibility criteria, interest rates, fees and all other loan terms) are subject to change without notice. This article is for informational purposes only. It is not a commitment to lend.

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