Tag Archives: First time home buyer

How To Budget To Buy A House

A carpenter uses a set of house plans to build a house. If he didn’t the bathroom might get overlooked altogether.  Rocket Scientists would never begin construction on a new booster rocket without a detailed set of design specifications.  So basically the point is that if you plan on doing something you should do it with a plan.  Most people make plans when taking vacations but they never seem to plan on a budget, most of us go blindly out into the world without an inkling of an idea about finances and without any plan at all.  If you want to plan on buying a home and wanting to know how to buy a home is a goal this year then you have to come up with a plan so that you can do so that way you can achieve your goals.  There are tons of deals right now if you take a look  just at the Santa Maria homes for sale.

A money plan is called a budget and it is crucial to get us to our desired financial goals.  It will make life a lot easier if you have an idea of how to go about and what are the steps you need to do.  Many of us will find ways where we can cut some of our spending so that way can save for our goals.

Without a plan we will drift without direction and end up marooned on a distant financial reef.  Its kind of hard to get to a destination if you don’t have a plan even pilots that fly all day long have to submit a flight plan.

If you have a spouse or a significant other, you should make this budget together, rather than having to deal with an argument on what the new rule are for spending. Sit down and figure out what your joint financial goals are…long term and short term, and if it is buying a home and one of the Santa Maria homes for sale you need to have an idea on how much you need and what you are willing to do to get to that point.

Then plan your route to get to those goals. Every journey begins with one step and the first step to attaining your goals is to make a realistic budget that both of you can live with.

budgetA budget should never be a financial starvation diet. That won’t work for the long haul, you get burned out and frustrated and when there is more than one person involved it can get pretty dramatic. Make reasonable allocations for food, clothing, shelter, utilities and insurance and set aside a reasonable amount for entertainment and the occasional luxury items, although you will have make some adjustments to spending but they should be not be that you must suffer doing it either. Savings should always come first before any spending, basically as you get your paychecks before you go out and about spending it pay yourself first and believe me that is easier said than done.

Even a small amount saved will help you reach your long term and short term financial goals. You can find many budget forms on the internet. Just use any search engine you choose and type in “free budget forms”.  If you want a starting place here is a pretty good one, BUDGET WORK SHEET to start at and just list everything you have to pay for.  Just print it out and you and your spouse can get to work on what you need to do.

Now if you do plan on spending for a home right now current FHA rules are 3.5% is the down payment needed.  Just remember that is the down payment not the closing costs you may have to factor another 3% for closing costs.  Sometimes the seller will pay for closings or help out but its much better to have than to need than to need the money to get your home and not have it.   If you are in California and want to buy a home here or one of the  Santa Maria homes there is a new program that the is available currently at the time of this writing where a loan for $5,000.00 will be provided to you that can be used for closing costs or the down payment.  But like I said better to have than need than to need and not have if you want more information than just contact me.

Good Luck and just make sure it’s a budget that you can live with and don’t use the credit cards to make up for the difference remember you are budgeting.

Don’t forget that you need to have an idea what your new mortgage payment will be you can to my website I have calculators on there to give you an idea that you can use just click here.


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How To Buy Your First Home

Choosing your first home and going through the process of learning how to buy a home can be a little stressful and there are many choices in the Santa Maria real estate area so if you are ready and done the work to get pre-qualified for a mortgage home loan as well as ready to move out of your apartment, there is no time better than now rates are truly at all time lows.  Not only have rates come down to levels not seen in decades but property values have come down to earth where it is now affordable.

Especially the Santa Maria homes for sale, and even though real estate changes from market to market one thing is certain values have come down every where. Beginning to search for your first home is an important step to having the ability to build better finances, and to live in a place that is comfortable for yourself and your family.   If you are considering a new home, there are specific things that you will want to know before jumping in with both feet.

Before you even start looking at homes, make sure to do your own investigation. This means you must find out what the going rates are, how much are other owners paying every month for their homes in the area or type of home you happen to be looking for, so then you know what you can and cannot afford.  If you know the basics of what is out there and what is available, it will be easier for you to get exactly what you want. You should also consider things like your credit rating. You do not want to walk in something that you cannot afford and will not be happy with, so make sure you can budget based off of what you currently make and current bills.

Which Agent to choose From there its all a matter of being involved with the right people. One of the most important decisions you can do is to find the right real estate agent. This makes a big difference in the kind of representation you will be getting and the kind of deal you will likely get as well as the house and mortgage you end up with. Real estate agents have the ability to do research for you and find something that is best for you. You will also want to make sure that they have connections with home inspectors and lenders on that can make the process so much easier for you.  With the right people available, there will be no problems in getting the best deal on a new home.

When you start to look for your real estate agent, make sure that you begin to understand the real estate terms that you may come across so you can understand what your agent and loan officer may be saying. Understand the terms of the loan, the tone of the market and other real estate jargon, that you will be using in a conversation as new home buyer.  If you do not know what something is, check right away or ask your new real estate agent.  Getting your first home and moving up from an apartment is an important step in buying a home, it is important that you understand what you are getting into it’s a big decision and a change of lifestyle.

The process of finding a new home can be challenging and fun.  Making sure that you open the front door instead of having to crawl through the back can help you to get exactly what you want.  By learning the ropes from the very beginning, you can be certain to get what you want, only to move up from there.


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