image by  Tony The Misift

If the rule of real estate is location, location, location, then the rule for the first time home buyer should be research, research, research.  There is all kinds of information on this subject that you can find by searching online, at your local book store or by connecting with a local real estate agent. Buying a home is a major purchase and you need to have some answers before taking on a mortgage.

The following list is a good starting point for a first time home buyer.

• Income – Will there be one or two incomes in the house to make the mortgage?
• Future Income – Don’t count on your income going up (it might, it might not)
• Children – Is it possible you will lose an income to a stay home parent?
• Down Payment – How much will you need?  20% is a good starting point.
• Budgets – expenses, repairs, maintenance
• Type of Mortgage – A 30 year fixed is a good idea.
• Starter Home – it might not be your “dream home’ but it needs to be affordable.
• Monthly Payment – not just the mortgage, include taxes and insurance.
• Closing costs – this is not part of your down-payment, it is in addition to.
• Location – is it close to work and schools?
• Credit – do you know your credit score?  (credit scores can be improved

Buying a home is a big decision, getting an agent and asking lots of questions is a good starting point.

We published our first newsletter for Anaheim Hills and if you would like a copy you can download it here. The newsletter covers some of the current real estate market in Anaheim Hills along with some other community information.

Freedom First Newsletter vol 1