Home Buying Process - Step 2: Determine a Budget.

By
Real Estate Agent with Century 21 New Millennium

Part 1:  Contact a Mortgage Broker   

Part 2

Determine a Budget

 A mortgage broker can determine how much home you can qualify to purchase.  However, each individual has to determine how much home they can personally afford.

To develop a budget, pay attention to all fixed expenses that you might have - car payments, student loan payments, etc.

Next consider all other expenses that you might incur when owning a home - utilities, home owner association dues, property taxes, home maintenance, mortgage, etc.

Don't forget to budget money for food, fun, and saving.

 It's important to be comfortable with the amount of the home you purchase.  There's nothing worse than having a huge home that you can't afford to furnish or keep up.  

Don't be afraid to let your mortgage broker and real estate agent know what price range you are comfortable with.

I have a buyer now who qualifies for a home up to $250,000.  However, he would like to keep his payments at a certain level so we are instead looking in the $175,000 range.

Once you know how much home you can afford you are ready to begin the fun part of looking for a home.

 Step 3:  Determine What Features You Want In a Home

Step 4:  The Home Looking Process

Step 5:  The Offer

Step 6:  Home Inspection and Other Contingencies

Step 7:  The Closing 

If you are ready to begin the home-buying process give me a call!

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If you or someone you know would like information about buying, selling, or renting a home in Prince George's, Montgomery,  Charles, Calvert, Anne Arundel, Howard, and/or Baltimore Counties please contact Dr. Stacey-Ann Baugh of Century 21 New Millennium.

 

Search Homes for Sale

 


Donations made to charity with every successful closing!


Dr. Stacey-Ann Baugh

Century 21 New Millennium

www.LiveinPGCounty.com

staceyannbaugh@gmail.com

240-481-3565 (C)

202-546-0055 (O)

 

FINALLY!  A DOCTOR WHO MAKES HOUSE-CALLS!

 

Information deemed reliable but not guaranteed! 

 

 

 

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Rainer
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Sef Robinson
MC Financial Inc. - Bethesda, MD

Great Post Stacey-Ann! The information is accurate. Normally when I speak with a potential home buyer I gather their income documents (w2's & pay stubs) right away to make sure they meet the dti requirements based on the amount of home they want to buy. This approach allows the customer, the Realtor and myself to be on the same page. If a potential home buyer wants to buy a certain amount of home but their income does not allow for that amount; it's critical to identify this immediately! This will prevent us from wasting time in a industry where "every minute" counts! 

Aug 19, 2009 06:25 PM #1
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Rainmaker
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Dr. Stacey-Ann Baugh

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