So you’re ready to take the plunge. Grow up. Sign your name on the dotted line. Buying your first home is exhilarating and scary. Here are a few tips from our experts at Wohland Mortgage Team to give you some confidence with your first home purchase.
The National Association of Realtors has a website with a multiple listing service (otherwise known as MLS) that includes homes for sale in your area, the amenities of the property and asking price. Bankrate has a mortgage calculator so you can get an idea of what your monthly mortgage payment would be if you bought the home today.
The mortgage payment is the first step. You also need to add in what you’ll pay for your taxes and insurance escrow. In some cases, it can almost double your out-of-pocket monthly costs. Find a property that is similar to one you would want to buy, and ask an insurance agent what the cost would be for a policy. As to taxes, often the MLS listing will give you an idea of what to expect.
Remember there is another big ticket item: the closing costs. There are origination fees charged by the lender, title and settlement fees, taxes and sometimes homeowners association fees. You’ll want to add this into your budget so you don’t have any surprises on closing day.
It’s conventional wisdom that you shouldn’t spend more than 28 percent of your monthly income on housing. You want to enjoy your home, and have the income to enjoy your life outside of it as well. Real estate in Arizona has had large swings both up and down. Talk with a realtor to get a feel for the market and see how your investment fits into your budget. Buying a home can be a great investment and wealth-builder, but be ready for the costs of maintaining your investment with unexpected costs for new appliances or plumbing repairs. You are the landlord now, so be ready to shoulder the costs should they arise.
One of the first steps to becoming a homeowner is taking a fresh look at your credit score. If you have a less-than-stellar FICO score, and can’t make a substantial down payment on a home, you will have a rougher road to getting approved for a loan. You can get a free annual credit report. Check it out and if there are any errors on it, correct them before you start the house hunting process.
A lender is going to want to see your financial history, so better to gather the info now, before you find the house of your dreams. W-2’s, bank account statements, pay stubs and the name and addresses of your landlords for the past couple of years will go a long way to answering financial questions. When you are preapproved for a mortgage, you can bargain from a position of strength when house hunting. Call us at Wohland Mortgage Team for advice on taking the plunge to buying your first home.
Sean Wohland and Daydra Crampton were absolutely excellent to work with! They managed to get us to close within a month. Both Sean and Daydra were incredibly attentive and quick. If they get to read this, thank you so much!!Mr. Eischens
Sean is the best. Staff is excellent and personable. No issues.Ms. Thalasitis
Sean and Daydra made our process extremely easy and seamless. We appreciate all of their help and efforts! Thank you!Eade Family
Sean and his team were fantastic! The process was easy, quick, and smooth. I’ll continue recommending Sean to all our family and friends. Daydra took great care of us as we submitted paperwork and asked questions. She responded quickly and you could tell she really cared about us through the process. Sean and his team did a great job! The process was smooth, easy, and fast. I’d recommend this team to anyone looking to purchase or refinance a home. Thanks Sean and Daydra!!!Cash Family
You are the best, and have set the highest customer service bar in the industry. I love it!!! Thanks to you and your whole team!King Family
I just wanted to take a minute to compliment your team. Andrea is always very pleasant and helpful when I call. Daydra is also very nice and has gone above and beyond with after hours follow up. It’s nice to find a business that stills goes the extra mile for their clients and associates.Mr. Chappel
Extremely pleased with the overall professionalism and experience of the loan process. I am now a raving fan of Sean, his team members and Home Point Financial. 2 Thumbs Up!!Mr. Romaguera
This process has been amazing. I was nervous because they switched to me after working with another agent and lenders don’t always take care of the new guys. You guys have been great though. I really appreciate it and I’m very impressed.Kara Gaut
Sean was always available to answer questions or concerns we had. Another “great help” was Alexa Johnson, loan assistant to Sean. This young lady was incredible in keeping us posted and moving the loan rapidly along. She was the most help of all. I would recommend these two to others. The greatest help was Alexa Johnson, in California. Alexa was the hub of the wheel and we cannot say enough about how helpful she was. This loan closed early, because in great part to Alexa. She kept things moving forward and got my concerns or questions answered quickly. This experience, by far, was the best, most convenient and quickest of all the times we’ve financed a home. I would highly recommend Home Point. Particularly, Sean Wohland.Hunt Family
This is about the sixth or seventh loan Sean has done for me personally. He is very professional and I completely trust his advice and expertise. Since I am a Realtor as well, I also highly recommend him to my clients. Sean and his team are great and I am completely satisfied with my experience!McElmell Family