Whether you’re on the market for a new construction home or your researching the home buying process for when the time comes, kick-off your house hunting experience with these helpful tips for starting the home buying process.
Start Saving Now
Months before you even schedule your first home tour, prospective buyers should be readying their finances! An easy way to start to your home shopping adventure is to use a reputable mortgage calculator site to gauge what your down payment and mortgage rate would be. A common misconception home buyers face is not having a full understanding of all the expenses involved when buying a new home. With homes in located in the Elkridge,MD, starting from the high $600s, homeowners could expect a monthly mortgage rate averaging about $3700. Remember to factor in closing cost, higher insurance premiums and general home maintenance that may not be included in your warranty.
State and Local Assistance Programs
Many buyers are surprised to learn that their local and/or state governments have programs that educate homebuyers with home financing tips . The Howard County Department of Housing and Community Development have designed an initiative to promote successful homeownership in Howard County, Maryland through educational workshops and one-on-one counseling offered on a monthly basis to home buyers purchasing a home in Howard County. During the session, counselors will assess each prospective home buyers financial situation, set up a budget, and develop personalized action plans for long- and short-term financial goals.
Get Pre-Qualified
Once comfortable with the amount you’ve saved for your down payment, get a jump on your home loan from a mortgage lender! Not only should you be getting pre-approved for a loan, but go the extra mile to get a pre-approval letter as well. This shows home builders that you’re more than serious about starting the home buying process. Don’t forget to ask about any incentives being offered or promotions for getting pre-approved with our preferred lender. As Dorsey Family Homes’ preferred lender, the team at Fulton Mortgage Company is proud to offer customized, trusted solutions to meet your home buying needs. Ask for Brian Morley to get started on your pre-approved loan.
Be Realistic
Once you’re pre-qualified, it’ll be easy to determine what you can and can’t afford. This is the time to be as honest with yourself as possible. A sound general rule of thumb to remember when buying your new home is to keep your total housing cost below thirty percent of your gross income.
Ready to start home shopping for your new construction dream home in Howard County? Call Mitch at 443-463-4771 to schedule a tour of our sought after communities in Elkridge, Marriottsville, or Ellicott City today. Happy house hunting home shoppers!
