Buying your first home is a monumental moment in your life. You are finally becoming a homeowner, a large part of the American Dream. However, with all things in life, there is the potential for you to hit some snags along the way to owning your first home. A lack of preparation and thoroughness can doom even the most financially set first-time buyers.
Iowa State Bank is in the business of making the mortgage process, and therefore the home buying process, as easy as possible for our customers. If you are considering purchasing a new home this spring or summer, there are some vital considerations you need to keep in mind.
Ask questions-no question is a dumb question. Don’t be nervous to ask and ask often. Realtors, friends, family, and Iowa State Bank loan officers are always available to help you get answers to your questions.
Set your foundation- first figure out a comfortable and affordable monthly house payment. This will help determine the amount of your mortgage and also the term of your mortgage. Yes, there are some numbers and math involved, but it is worth it. An Iowa State Bank lender can quote an approximate monthly payment amount and let you know a good price range of homes to look at.
Keep Calm and Browse On- rushing into a purchase is the last thing you want to do. Sure, you will have a new home, but if you settle it may not have everything you need.
The perfect home doesn’t exist- recognize that your dream home is not magically waiting for you to find it. Prioritize what you need in a home and be willing to make sacrifices. This is different than settling because you have your pros and cons already set.
Identify your expenses- buying a home comes with a few extra costs, some one-time and some recurring: closing costs, private mortgage insurance, maintenance costs, higher utilities, real-estate taxes, homeowners insurance, homeowners association fees and so on.
Have an eye for details- be sure to pay attention to any smells and anything that signals a home hasn’t been kept in the best condition. And don’t forget about a home inspection: they can be done before the purchase is final, and some sellers will agree to pay for this (inspections include termite, carbon dioxide, etc.)
While these aren’t the only things you need to keep in mind, they will help keep you from purchasing a home you will only come to regret a year down the road. The loan officers at Iowa State Bank can also provide things to keep in mind regarding your mortgage needs. Feel free to get in touch with us today, and we hope to see you soon!