You might be a bit afraid or intimidated by the whole process of buying your first home. As top Metro Indianapolis Real Estate experts, it’s our pleasure to guide you, from beginning to end. Sometimes ‘the first time’ is scary; we strive to make it enjoyable.
We will take the time to go through each and every step of the buying process. Remember, there are no dumb questions!
Together, we will consider:
First, Are You READY To Buy?
If you answer yes to the following questions, you are probably ready to buy a home:
1. Do you have a steady, reliable income?
In other words, have you been employed on a regular basis for the last two years, and do you expect to maintain your employment?
2. Do you have a good record of paying your bills?
Have you made regular, on-time payments? If not, read on; there is still hope.
3. Do you have money saved up for a down payment and closing costs?
Many home buyers think that a down payment of 20 percent is needed. It’s not. Many loans exist today that allow buyers to put as little as 3.5% down to purchase a home. Some programs even exist which allow for no money down (income guidelines apply). So don’t give up just because you can’t come up with a 20 percent down payment.
4. Do you have the ability each month to pay the mortgage, as well as additional costs that go along with homeownership: such as taxes, insurance and maintenance?
The amount of a home payment will generally have the taxes and insurance added and made payable to the mortgage company. Then the mortgage company directly pays the taxes and insurance from escrow accounts held in your name. But you will still need to be financially prepared for customary property preservation and maintenance.
Review our Home Buying Process to explain the process of purchasing a home. Under our Resources for Buyers you will find mortgage calculators, a list of what is needed for a loan, an explanation of the role of a buyer specialist, a real estate glossary, and tons more. If at any point you have a question, don’t hesitate to contact us!