Overwhelmed, excited, confused, happy, simply afraid? These are some of the words that will described a first time home buyer emotions. For some this will be the largest investment of their lives and the process can be a little confusing - yet being an owner can have the greatest rewards. Your new home is where families are created, memories are formulated and dreams are bought to life.
Alliance Associates Realtors motto is simply “Creating an Alliance between your Dreams and Realities”
whether this is your first or third home, allow our experience to help support you from the beginning purchase process to the day of close. Alliance pride itself on educating our client with enough information that take some of the stress and the mystery out the purchase process.
Let us educate you, let us support you, let us help you in your first or next purchase. Working with Alliance Associates Realtors will save you time, and will make you a savvy, successful consumer.
Let the dreams begin right here by finding your home - Call your Alliance real estate expert
What If You Already Have a Home?
Buying a new home and selling an existing home at the same time has its own set of challenges. With knowledgeable planning, you can ensure everything goes smoothly.
Before putting your house on the market or committing to buying a new one, take a look at the prices of houses in the areas where you'll be selling and buying. You'll need a realistic idea of sales prices for similar houses, so you can assess both your buying and selling position.
What if you're unable to time the sale of one house with the purchase of another? You may own no houses for a time, in which case you'll need money in the bank and a temporary place to live. Or, you may own two houses at once. That's why it's important to have a backup plan. Here are some options to consider:
• Research short-term rental and storage options (family, friends, storage facilities, containers).
• Bridge financing (a short-term loan) for the down payment on a new home backed by the equity in your old house.
Alliance goal is to develop long-term relationships with our Customers/Clients by simply understanding their desires and wants. We merely take the anticipation or guesswork out of Real Estate and capture "the desires" by clear communication…..How can we help you?
One of the biggest concerns for any home buyer is can I afford this home. There is a huge difference in just buying a home and affording a home. Affording a home simply states I can pay my mortgage (taxes, insurance, association) and still enjoy a good movie and popcorn, all because I financially purchased a home that allows me to have a full life.
Each buyer is unique, and a mortgage professional can help you find out just what you can afford. Your income and debts will typically play the biggest roles in determining your price range. It's simple to make an estimate – just run the numbers for yourself using our Affordability Calculator.
1. Mortgage Costs
Unless you are purchasing a home using cash most buyers require a mortgage. AAR work with you and your lender to pinpoint your monthly house payment, and the costs of your mortgage. While the former will be generally consistent based market rates and loan types, your mortgage costs can vary significantly. Be sure to compare mortgage offers.
2. Get Pre-Approved
Are you searching for a home without a loan approval? Let our mortgage partners help determine what value you can afford or answer all your financial questions.
3. Homeowner’s insurance
You also need to insure the value of the home against fire, theft, and perhaps flood damage. This insurance is purchased separately. Shop around for the best price and remember that this cost can go up each year, especially if you file a claim.
4. Taxes
Property taxes can add hundreds of dollars to your monthly mortgage payment. They also can increase depending on your community’s school and town budgets. Typically, a home is taxed on its assessed value, which is an amount equal to a fraction of its appraised value.
5. Private Mortgage Insurance (PMI)
If you put down less than 20% on a mortgage, you’ll need to pay PMI, which protects your lender against a potential default on the loan. Please check with "Our Mortgage Partners" for the current PMI rates.
Please feel free to ask any question as it pertains to your mortgage, new home purchase or the sale of your current residence. We are here to help. Email us at info@aarhomesatlast.com