First time home buyer check list part one

Real Estate Agent with Real Estate One 6501304423

What can you afford for a house payment?

As a Metro Detroit home buyer the first thing you should absolutely do is to sit down and figure out your budget.  What can you truly afford a month in payments?  What won't make you house poor?  What can you afford to pay and still be able to live good?  As a first time home buyer you need to have a little left over each month after you pay the bills.  You need to be able to pay for a furnace, or a new water heater, or a new dishwasher if it breaks.  Things break and you need to be able to afford them.  So sit down and figure out yourself what you are comfortable with for a monthly payment.

               http://www.iclipart.comDon't let money and a huge house payment ruin your life.

Then the second step is to gather up these items and go to a bank, a lender, or a mortgage broker.

  • latest 2 paystubs
  • latest 2 years W-2 and tax returns
  • last 2 months banks statements
  • Any asset statements for stocks, 401K, IRA, or mutual fund

Sit down with a mortgage lender and figure out what loan program works best for you.  And then fiqure out what price of a home you can afford based on the amount of payment you feel comfortable with.  Most times a lender will approve you for a bigger loan payment than you want.  So it is up to you to be smart about what you can truly afford.  There are too many people that are losing their homes because they went overboard and over spent.

So be one of the smart ones. And don't over stretch yourself with a large payment.

The mortgage lender will give you a pre-approval letter so the seller and the sellers agent will know that your mortgage will most likely go through.


More home buyer articles  

Oakland and Wayne County home buyer tips

Metro Detroit first time home buyer tips  

More Metro Detroit mortgage information


Russ Ravary just your local Metro Detroit real estate agent

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Russ Ravary

Real Estate One

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By the way if you know somebody else looking to buy or sell a home I always appreciate a referral.





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Ryan Shaughnessy
PREA Signature Realty - - Saint Louis, MO
Broker/Attorney - Your Lafayette Square Real Estate Partner

Russ - Preparing for homeownership requires a realistic view of one's finances.  It is amazing how many people start the process for searching before they have their finances in order or even a basic understanding of what they can afford.

May 12, 2009 07:27 PM #1
Marilyn Harrell
ReMax Riverhaven - Beaverton, MI
Wixom Lake - Beaverton MI

Good advice for any home buyer, including the FIRST TIME!

May 13, 2009 01:25 AM #2
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Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239

Michigan homes for sale ~
If you have any questions, feel free to contact me!
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