4 Questions First Time Buyers Need Answered

Congratulations!  You have decided that you are ready to buy your first home.  What is the process and how do you start?  There are four questions to consider before beginning your search for your dream home.canstock5915359

How Does My Credit Score Affect My Ability To Purchase?

A credit score above 640 is required to qualify for a mortgage in most cases.  Your credit score will affect whether you can get a mortgage and then what your mortgage interest rate will be.  If your score is not good, you can work to improve your score so that you can buy in the future.

How Do I Find Out If I Qualify For A Mortgage?

The first place to start in your search for a new home is with a mortgage broker to find out if you qualify and how much you can spend on a new home.  You can use the mortgage person at a bank or talk to an independent mortgage broker to discuss options.  They will let you know if you qualify for a mortgage and how much you can borrow.  I have information on very good mortgage brokers in Naples Florida, so call me at 239-601-3174 and I will put you in touch with someone to get you started.

Do I Need A Downpayment To Buy A House?

Not necessarily.  There are FHA mortgages available with 3.5% downpayment and also USDA mortgages with no downpayment.  If you have saved enough to put 20% down you will not have to purchase mortgage insurance which will lower your monthly payments.

Will My Mortgage Payment Be More Than My Rent Payment?

Because there is so little rental inventory in Naples Florida at the moment, the rental prices are increasing.  It is likely that your mortgage payment, taxes and insurance will equal less per month than you would have to pay to rent the same home.  Instead of throwing money away each month and paying off your landlord’s mortgage, why not pay off your own mortgage?

When you have completed the steps above you are ready to start searching for your dream home.  Start your property search or call me at 239-601-3174.  You can also email me with your questions.

The Naples Florida real estate market is improving, don’t be left out of home ownership!

Remember, it is always toasty in Naples and you deserve your piece of Naples sunshine!

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