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The Right Home

Guide To Buying A House.

Buying a House? Here is What You Need to Know

Buying a house in Tucson, Phoenix, Marana, Nogales, Scottsdale, California, Arizona, or anywhere else in the United States, required same process. You are about to start a journey, that required planning in advance. Below we will give you the steps to buying a house the right way.

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If you are like most people, That could be the biggest single finical transaction of a lifetime. Getting a home loan for purchasing a home will require down payment, and if you don’t have the down payment ready; below are few tips to help you with saving for the down payment, as well as where to start the home purchasing process.

1-The Right Mortgage when Buying a House

buying a house

 

You will need to start with a loan/Mortgage preapproval, and navigating volatile interest rates and making a down payment in a competitive markets in order to achieve your goal. Having a pre-approval, and have your finances lined up, you are communicating to the seller that you are a serious home buyer. Reacasa.com partner with financial institutions, mortgage broker, loan officers that strive to help you to make sound financial decision that best fits your situation. Here where to start the loan approval process. When it comes to mortgage/home loan, every situation is different, based on income, debt to income ratio, employment stability, credit score, and those are just a few factors that lenders looks at while evaluating your situation. We connect you with an expert in your local market that well equipped with knowledge, tools, skills, and aware of local rules, and regulations. To put it in simple terms; that can make the different between getting the best interest rate and getting your new home. Half a point of interest rate can make a different of few extra hundreds of dollar every month on a mortgage payment. We strive to help you make financial decisions with confidence.

2-Finding the right Realtor

Find the right realtor

 

Hiring a Realtor to help you navigate the complex terrain of buying a home is crucial for you and makes a difference between getting a home of your dream or not. There is no difference between hiring a lawyer for your legal matters, or an accountant for your tax or financial matters. Our Realtors/ real estate agents are no different. We partner with local market leaders that proudly call you a client, NOT a “lead”. That has been achieved by our proprietary process on the way we connect you with our Realtor/Real estate agent’s partners. Our process allows our partners to see your query before they accept your request, which means; you will only get the partners that are qualified for your situation, that in return will improve your service experience and smooth the process. Here where you can start the process of speaking with a Realtor.

How Much Can I afford In a Home Loan/Mortgage?

How Much Can I afford In a Home Loan/Mortgage?

 

We have started the steps assuming that you have got your budget straight and have an ideal of how much monthly mortgage you can afford, but here is a reminder and simple calculation that may help you further. To calculate your home affordability range, you need to take into account a few primary items, such as;

Household income: Include or sources of income that available to you after tax.

Monthly debts/Bills: Include; car loan, and student loan payments.

That being said here is an important question to answer: after all said and done, including the down payment for your new home, how fast can you bring your saving back to a comfortable level for a rainy day? Don’t forget to allow a room for unexpected expenditures, and few dinner or outing with the family. A wise suggestion is to have three months of your payments, your monthly expenses including, mortgage, bills, etc. in reserve. This will give you a comfortable buffer in case there is some unexpected event. Here are more on how much house can I afford?

Down Payment: we have seen a down payment as low as 0 down, and as high as 30, or even 40%. 10% down is the average that lenders will consider. That being said, there are few factors that home lenders look at while evaluating your situation, some of which include, credit score, income, employment stability, etc. Keep in mind that $1000.00 you put down= $20.00 less in monthly home loan payment. Give or take few (considerations).

Credit Score For Your Home Loan: a credit score is one of deciding factors that home lenders are looking for while processing your application for a home loan, however is not a deciding factor. We have seen approval with a credit score as low as 580 and below. 620-680 is an average credit score for a mortgage approval that lenders are looking for. That being said, 700+ with low debt to income ratio, high income, and good credit history; you are worthy of a great interest rate.

Now You Done With The Financials, What is Next? By now, you should have had a discussion with your Realtor, and decided on what you want and what you need in a house, and what is possible. Now Your agent should start sending you list of homes that meets your criteria.  Start looking at houses and schedule visits.

Are you a first time home buyer? If you are looking to own a home for the first time, we have put the most relevant steps to guide you through the process. We have done the extended research, and what we outlined will provide tremendous help, if you buying a house for the first time or it is your second, home, or went through this experience many times over. There is never too much information, especially with the constant change in laws, regulations, locally and nationwide when it comes to real estate.

Buying in a different city or state? If you are looking for a new home it can be difficult to find the right property, and it is even harder if you are having to move to a different city or state.  Although it can be a challenge it is not impossible and many people need to move from city to city or even to another state for many different reasons.  You may be changing jobs, thinking about retirement or just want a change of scenery.  To help make the process easier we have put together some ways that you can streamline long-distance house-hunting to track down that perfect property.

Choose a local Realtor: if you live out of town then a local real estate agent is going to make all the difference; we would go as far as to say they would be your number one resource.  Discuss your budget and lifestyle with your agent and they will be able to recommend a neighborhood that would suit you well.  They can also put a list of properties together for you, direct you to these online and arrange a viewing tour.  All of this will take a lot of the tension out of your search; all you will need to do is look at the properties they provide and then make a trip to visit your favorites.

Use sites like Reacasa: head over to the Reacasa website and search the properties available in your target area.  Use our filters to narrow your search down according to your budget, the type of home you are looking for, how many bedrooms you need, etc.  If you know a specific area that you would like to move to you can put in the zip code and look at all the offerings in that zone.  You will also be able to see if the property value has increased or decreased over the last 10 years, its price history, tax history and all the information about the neighborhood such as transit information and school provision.  If you see something you like you can save it and also share it on to family and friends to get their opinions on each listing.

Use other online tools: several online tools can help a home buyer assess a property in another location including:

  • Google Earth or Maps – great for looking at the street view of a property and assessing its general location
  • Yelp – gives an overview of local businesses which can provide insight into the local area
  • Blogs – take a look to see if there is a local blog as these often let you look at the views of local people and any particular problems there may be in an area, especially antisocial behavior, noise, local nightclubs or anything that might impact your enjoyment of your home.
  • Talk to your realtor and ask any questions you may have. Ask about different neighborhoods, point of interests, etc.

Use Social Media: tell people online that you are looking to move and where you want to go and they will often give you a good insight into different aspects of the area.  For example, if you need to have a good school nearby then say so, you will find that parents on your list may be able to give you some valuable information.  You will start to see a pattern around which neighborhoods seem to get the highest recommendations and which ones you are told to avoid.  This will help you narrow your search to areas that are more relevant to your own particular needs. Some neighborhoods have their own Facebook page and there are often local groups that you can join.  These are often a reliable source of information about what their live experience is like in a town, neighborhood, community or street.

Be well organized: when hunting for properties long-distance it pays to be as organized as possible.  Make a spreadsheet and note all of the potential neighborhoods for consideration, property addresses, the price and the selling agent.  If you need to look at specific criteria like schools then add a column for this.  Include columns for anything important like parks, pools, cinemas, amenities and how long you could expect to commute to work.

Be prepared before you plan your trip: no matter how much great information you have managed to gather from online sources, family, friends and Realtors the real test for a neighborhood is how you feel about it when you visit in person.  Make sure that you have a full discussion before you leave so that everyone is on the same page regarding budget, size and type of home you would like to live in.  For other areas you can be more flexible for example, flooring and décor as these can be changed later. Make sure you allow for plenty of time to view properties – this will mean at least a long weekend but possibly longer depending on how may homes you would like to view.  Involve your real estate agent in your plans so that he or she can create a tour schedule in advance to include all the properties you have selected as your potential new home.

Be prepared to ask for help: relocating is a huge task and if you are moving because of your work your employer may well have an in-house relocation specialist.  Ask about this and how they can help you.  These professionals can often provide details of local Realtors and information about where other company employees live and what the neighborhoods are like.  Some companies also provide financial assistance for long-distance relocation so ask to see if this is something you could access.

Take the option of short-term housing: if you can’t find the perfect home or you are just not ready to buy, why not consider a sub-let or short term rental?  This gives you time to get to know an area, meet some local people and look at the parts of the city in which you would be happy to commit to buying a new home.  Some companies offer to cover the cost of temporary housing so find out if this is an option for you.

TIPS: make sure to drive by the house of interest in different time of the day to get a feel of the neighborhood.

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