10 Ways to Prepare for Homeownership

By
Mortgage and Lending with AMEC Home Loans | NMLS# 150953 NMLS 274839

The snow has melted and the Wisconsin landscape is beginning to show its beauty after the long winter.  This is my favorite time of year. The home buying season is gaining momentum and with the renewed activity, First-Time home buyers are emerging and looking to take advantage of the great interest rates and affordable home coming on the market. 

It is important that first-time home buyers prepare for the process. With that being said, I have put together a list of ways to prepare for the Wisconsin home buying opportuities. I hope you find this information helpful...

1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.

2. Develop your home wish list. Then, prioritize the features on your list.

3. Select where you want to live. Compile a list of three or four neighborhoods you'd like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.

4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment?  Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, don't forget to factor in closing costs. Closing costs - including taxes, attorney's fee, and transfer fees - average between 2 and 7 percent of the home price.

5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.

6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options - such as 30-year or 15-year fixed mortgages or ARMs - and decide what's best for you.

7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.

8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you've saved to buy your fist home without paying a penalty for early withdrawal.

9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.

10. Contact a REALTOR®. Find an experienced REALTOR® who can help guide you through the process.

If you need any help and are located in the Greater Fox Vally area including Appleton, Neenah, Menasha, Oshkosh, Green Bay and surounding towns, please feel free to reach out to us... We are here to help.

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Proudly Serving the Residential Mortgage needs of the wonderful Veterans & People in Wisconsin. Green Bay, Appleton, Oshkosh, and throughout the greater Fox Cities areas.

My team works with each client to determine the best finance package for every scenario; Not only the impact of the loan on their finances today, but 5 and 15 years down the line. Need Credit restoration; We can help. Click Here for a no cost ~ no obligation pre-approval or consultation.

Gwenn Tanvas is a Certified Mortgage Planning Specialists who truly enjoys working with First-Time Home Buyers and Government Programs such as FHA, Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. http://www.WisconsinLoanTips.com or http://www.WisconsinVetLoans.com she can also be reached for comment or to answer questions via email at gwenntanvas@gmail.com

 

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Home Buying
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Wisconsin
Groups:
1st Time Buyers
True Mortgage Professionals
Midwest Rainers
Tags:
home buying tips

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Rainmaker
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Bruce Walter
Keller Williams Realty Lafayette/West Lafayette, Indiana - West Lafayette, IN

These are great tips, Gwenn!  If consumers followed this advise at least a year in advance so many more families would be able to get into home ownership!

Apr 14, 2011 03:32 PM #1
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Rainmaker
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Gwenn Tanvas NMLS# 274839

The Mortgage Gal, 920.267.7891~ SMART - INNOVATIVE
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