- List your Net (after tax) Income
- Monthly Expenses.
- Calculate Homeownership Costs - Principle, Interest, Taxes, Insurance, HOA Fees, etc.
- Use a Mortgage Calculator that incorporates everything above.
Note 1: Funds will need to be available for items paid outside of closing. Approximately $2,000.
Note 2: Most mortgage calculators only provide principle and interest in the payment estimate. Taxes and insurance will add at least $300-500 to that cost. Contact a highly reviewed local lender to get an accurate estimate.
Misconception 1: Shop Local = Pay More. Mortgage lending is usually the opposite in our experience. Realtors have the opportunity to work with many mortgage companies and loan officers on a day to day basis. They understand the value of working with lenders that provide prompt and accurate estimates, make sure loans close on time, competitive rates and products, pre-qualifications on weekends or weeknights, and in depth guidance & communication through the loan process. There is no financial relationship between a lender and a Realtor. If there is, it must be disclosed to you by law.
Misconception 2: 20% down payment. Don't panic! There are many loan programs available with down payments as low as 0%. Contact a lender to see which program works best for you.
When a buyer contacts a mortgage company about getting pre-qualified, the loan officer will be discussing many things with them. This includes credit scores, income, employment, and debts and assets. Likewise, they will discuss how much of a mortgage a buyer can qualify for, interest rates, mortgage payments, estimated closing costs and required down payment requirements. How much of a down payment a buyer will need to obtain a mortgage will depend upon several factors.
- Prior to sitting down with a REALTOR you should:
- 6-12 months before you plan to purchase a home, you should get to know your credit score and approximately how much home you can afford.
- 1-3 months prior to starting your search, you should speak with a lender about getting pre-qualified. If there are any minor blemishes on your credit or special circumstances, a good lender will put you on the right path to success. You'll know what you can afford and more importantly, how much you are comfortable with.
Pre-qualification: Buyer provides lender authorization to pull credit and buyer verbally provides info about income and assets.
TBD Approval: This is exclusively through Atlantic Bay Mortgage.
Nothing is more exciting or rewarding than working with first time homebuyers! If you are excited about purchasing your first home, you've found the team to make it happen!
A great buyer's agent is worth their weight in gold. You're getting 18 years of touring over 30,000 homes at the seller's expense. Any hesitation you have about a buyer's agent can go out the window. You've found the right place! In 18 years, we've welcomed 850 happy clients. If you're excited about finding a home, you've found the right team to make it happen!
- During our first meeting, we will discuss and learn several things.
- How the buying process works.
- What roles each person has during the buying process.
- What it's like to work with The Melton Team.
- Your home buying goals and needs.
- If we're the right fit for you and vice-versa.