Be certain that you only look at homes that are in your price range. Make a list of features that you absolutely need ( you would not buy a home without these features)
- How do I know if I'm ready to buy
a home?
You can find out by asking yourself some questions:
- Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts, like car payments?
- Do I have money saved for a down payment?
- Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to buy your own home.
- What do I do first?
- Start by thinking about your situation. Are you ready to buy a home? How much can you afford in a monthly mortgage payment (John Smith can help you with this)? How much space do you need? What areas of town do you like? After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.
- Contact John Smith. John will help you with the crucial first steps you need to take. He will help you find a mortgage officer that will meet your needs. It is crucial, at this early stage, to have a good understanding of what price range you can afford. If you start out by looking at any home that catches your eye - you might get caught in the trap of looking at homes that are much more expensive than you can afford. If you do this then you might be disappointed with the homes available in your price range, even though they suit your needs just fine.