Preparing To Own Your First Home

By
Mortgage and Lending with Norcom Mortgage NMLS# 71655 Equal Housing Lender NMLS# 76681

 


referralAs a First Time Homebuyer, you're about to make one of the biggest financial decisions of your life. For Millennials, a new home represents the most expensive purchase they'll ever make. One of the best things you can do is read, research and learn about the mortgage application process. The more you prepare, the more confident you'll feel about purchasing the home you want.


Mortgage Pre-Approval
Being pre-approved by a lender gives you the confidence to shop for a new house, knowing exactly how much you can afford. You can avoid looking at properties that don't fit your budget. The pre-approval helps you know exactly what is possible right from the start. In fact, most realtors expect you to be pre-approved.


How Much Can You Afford?
A good place to start is to look at your current expenses. You probably have FHA MIboth "fixed" expenses… i.e. car payments, taxes, or day care … and "discretionary" expenses… i.e. things like travel, clothing, entertainment, or other areas where you can decide how much to spend.

Then, make up a budget. You'll see how much of your monthly income is already committed to "fixed" expenses, as well as how much you have to spend on a mortgage payment, taxes, and insurance for a home.
Of course, how much you can afford also depends on how much debt you have. Long-term debt - i.e. debt that will take more than 10 months to pay off - is what lenders are most concerned about. If you have long-term debt that is considered "excessive" for your income, it will probably limit how much you can borrow. If you have a lot of long-term debt, you may want to pay off some of it before you apply for a mortgage.

mortgage financeRemember: I'm always here to help make things easier.  Reach out to Me at rick.cignoli@norcom-usa.com to discuss your mortgage options and to take advantage of my FREE Jump Start Mortgage Pre-Approval service.

Posted by

 

For rickthe Right Mortgage at the Right Rate, Call …

  Rick Cignoli

  Sr. Mortgage Officer

  NMLS# 76681

  860.945.9284

  rick.cignoli@norcom-usa.com

 

“When You Work With A Professional, You Get Professional Results”

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Norcom Mortgage

NMLS# 71655

38 Security Drive, Avon, CT 06001

Office:  860.676.8003

Fax:     860.647.8940

www.norcommortgage.com

Comments (2)

Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

First time home buyers need a lot of help and having a sympathetic loan officer is a good way to start

May 25, 2016 12:19 PM
William Feela
WHISPERING PINES REALTY - North Branch, MN
Realtor, Whispering Pines Realty 651-674-5999 No.

Very few are really told all the expenses that come along with buying a first home...Lawn mower for one.

May 25, 2016 12:43 PM
Rick Cignoli

William ...Bought our 1st lawn mower before we even closed on our 1st home. Used the box as a coffee table until the movers came. 

May 31, 2016 05:19 AM