1ST TIME HOME BUYERS
Buying your first home can be exciting and overwhelming all at the same time – which is why we have a variety of tools and resources to help you through the experience. Whether you’re just starting to save or you already have a house in mind, we can help you get your keys to your first home. Here are a few helpful FAQ’s to help you get started.
What is the first step?
The first step is to realize you will never be alone in the entire buying process. We are here to help you understand and feel comfortable with every step of the process. We will always work with you as a team to help guide you so that you feel confident in the decisions you will make.
How do I know how much home I can afford?
The best way to know how much home you can afford is to work with your lender on your specific situation. We have a great lender we can refer you to if you need help. However, you can start by plugging numbers into our calculator on our website for a quick reference, https://tinahareandassociates.com/buyers/deciding-to-buy/
What if I have bad credit?
Just because you have less than perfect credit does not mean that you will be unable to purchase your first home. There are many ways to quickly improve credit depending on your situation and our wonderful lenders can help you through this process. We can also show you options that may work for you if improving your credit is not an option. It’s always best to have a long-term plan in place and we can help walk you though the right choice for your family.
Do I need to put 20% down?
The short answer is no, you absolutely do not need to put 20% down – especially on your first home! There are many programs available for as little as 3% down. Let us help explain all the differences so that you can make an educated decision.
What is PMI?
PMI stands for Private Mortgage Insurance. This is often used when less than 20% is put down on a purchase. However, there are other alternatives to this as well! Let us walk you through all the available options.
What is included in my mortgage payment?
Depending on how much you put down and your personal preferences, your mortgage payment may include an impound account including your taxes and insurance. This will allow you to never worry about paying for a large sum of taxes twice a year. However, you always have the option of paying it separately if you prefer. Let us walk you through the available options and see what makes the most sense.
What is a HOA?
HOA stands for Home Owners Association. Every HOA contains their own set of rules and regulations that come with a monthly fee. Many HOA’s cover the cost of a community pool and clubhouse maintenance. HOA fees can also cover front landscaping and community landscaping. However, this is not always the case. You will want to thoroughly research the HOA rules and regulations of a home you may like to purchase so that you are aware of features of that specific community. HOA fees will be taken into account when qualifying for your home.
What is Mello Roos?
Mello Roos is an added tax that specific, newer communities may have. This can affect your buying power so we can show you what makes the most sense based on your needs and budget.