First
Time Home Buyers |
 |
Don’t
be intimidated by buying your first home! Many people don't
realize that they can benefit greatly by purchasing a starter
home over paying continual rent. Allied Brokers will teach
you the language, and assist you with all the paperwork. We
will be beside you each step of the way. As we get to know
you and your family’s needs, we will help you achieve
your real estate dreams.
The
material below will assist you in preparing yourself for a
smooth buying experience for your first home:
| Common
Questions From First-Time Homebuyers |
|
Commonly
Asked Questions
| Know
Your Rights as a Homebuyer |
|
Before
you start, there are many laws that protect you from scams,
unnecessary expenses, and discrimination in the process of
homebuying. Know your rights!
Fair
Housing: Equal Opportunity for All
Homebuyer's
Rights
Borrower's
Rights
Your
Rights and the Responsibilities of the Mortgage Servicer
| Find
Out How Much Mortgage Can You Afford |
|
You
can save yourself a lot of wheel-spinning if you take a minute
to figure out how much mortgage you can afford. Generally,
a lender will want your monthly mortgage payment to total
no more than 29% of your monthly gross income (that's your
monthly income before taxes and other paycheck deductions
are taken out.) You also need to consider current loan interest
rates. The lower the interest rate, the more expensive the
home you'll be able to afford. Follow our tips and use these
simple calculators to see how much you can afford in a mortgage
payment.
How
Much Home Can You Afford?
Buy
vs. Rent
| Create
Your Home "Wish List" |
|
Make
your wish list. Focus on the features you want in a home:
2 bedrooms or 3? 1 bath or 2? Garage or no garage? Knowing
what you're looking for will help you focus your search. And
it will help your real estate broker, too.
Source:
HUD.Gov
- Homebuying
| Documents
You Will Need To Gather |
|
-
4 Consecutive Pay Stubs
- Last
Years Tax return/W-2 Form
- Your
Credit Report
- Bankruptcy
Paper
- Recent
Bank Statement
- Social
Security Number
- Marriage/Divorce
Papers
- List
Your Financial Goals
| Homebuying
Resources |
|
Buying
a Home - HUD
|
