Buying a new home can be fun and exciting if you know what to expect with each step of the process. The more informed you are as a buyer the better you will feel about the selection of your home and the closing process. This information is intended to cover the more important aspects of buying so that you can make the right decisions according to your specific needs and wants.
Before you even look at your first house it is important for you to decide what amount you want for a monthly payment. Do not exceed what you know will be a comfortable level based on your current budget.
Your house payment will include principal, interest, taxes, and insurance. This is commonly referred to as PITI. Your actual loan payment consists of principle and interest. Insurance will cost you about .3% of your new homes value. A rule of thumb on taxes is $120 of tax for every $10,000 of assessed value. Insurance and taxes are then divided by 12 to establish how much is added to your monthly payment. The total is your full house payment or PITI.
Early on in the process we will need to discuss how and if you want to be represented. You must understand that law requires these forms, and that you have no representation until we discuss and sign these forms.
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