7 must-do's for 1st time homebuyers

Are you a first-time homebuyer eager to get into the market? Here are a few steps to take to help you decide whether you’re ready to take the plunge.

1. Check the selling prices of comparable homes in your area. Web sites like Zillow and Homegain can give you a general idea of what you should expect to pay. You can also do a quick search of actual Home Listings in your area on a number of Web sites, including the National Association of Realtors and www.dynastyfinancialonline.com for "FREE"

2. Use Bankrate’s mortgage calculator to get an idea of what your monthly mortgage payments would be if you bought today. You could also call us at 800-485-8740 for a "FREE" consultation. Based on your income and financial obligations we have "Rainman" standing by to give you advise without running your credit. A couple of questions and you will be able to know how much home you can afford and what your monthly obligations would be. IT’S THAT EASY AND IT’S FREE!

3. Find out what your total monthly housing cost would be, including taxes and homeowners insurance. In some areas, what you’ll pay for your taxes and insurance escrow can almost double your mortgage payment. According to the Insurance Information Institute, the average yearly premium can range from $477 a year in Utah to $1,372 a year for unlucky Texans. Again speaking to an experienced agent in your market will be able to give you an idea of what Insurance will cost you.

4. Find out how much you’ll likely pay in closing costs. The upfront cost of settling on your home shouldn’t be overlooked. Closing costs include origination fees charged by the lender, title and settlement fees, taxes and prepaid items like homeowners insurance or homeowners’ association fees. You can see what closing costs average in your state by looking at Bankrate.com’s annual. With the market in the turmoil it is in at the moment Closing Costs are important. Getting an accurate account is key. Taxes, homeowners insurance those are fees that generally stay the same...Lenders fees are key to know. These fees can be negotiated. Over paying on Lenders fees are unacceptable in this market. Closing Costs credits are key in this market to help you come in with less money.

5. Look at your budget and determine how a house fits into it. Fannie Mae recommends that buyers spend no more than 28-30 percent of their income on housing costs. Go much past 30 percent and you risk becoming house poor. Living with in your means is a key element to Home Purchasing. Buying too much has will have it’s downfall.

6. Talk to a reputable Realtor (www.dynastyfinancialonline.com) in your area about the real estate climate. Do they believe prices will continue falling or do they think your area has hit bottom or will rise soon? Call us for a "FREE CONSULTATION" at 800-485-8740.

7. Remember to look at the big picture. While buying a house is a great way to build wealth, maintaining your investment can be labor-intensive and expensive. When unexpected costs for new appliances, roof repairs and plumbing problems crop up, there’s no landlord to turn to, and these costs and can quickly drain your bank account.

Having an experienced Agent on your side is key. It’s important to use an Agent you feel comfortable with and knowledable with the market and fully understands what your goals are and help you accomplish them. Visit us on the web at www.dynastyfinancialonline.comor call us TOLL FREE at 800-485-8740. We’re looking forward to taking the next step with you.
Are you a first-time homebuyer eager to get into the market? Here are a few steps to take to help you decide whether you’re ready to take the plunge.