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EXIT Central Realty

Dover Location:
598 N. DuPont Hwy
Dover, DE 19901
Phone: 302.674.2900

Milford Location:
615 N. DuPont Blvd
MIlford, DE 19963
Phone: 302.424.8221

Email: Info@DelawareListed.com

First Time Home Buyers

Click here to check out the EXIT Central Realty Home Buying Guide!

Being a first time home buyer is an exciting time in your life! It can also be an overwhelming process with all of the new information & steps necessary to purchase your first home. So we’ve compiled a few helpful hints & steps to get you off on the right foot!

When it comes to searching for your first home, there are a few things you need to consider in order to find the perfect fit for you!

  • Determining how much you can afford to spend on a home is the biggest deciding factor in what types of homes you may be looking at. Deciding a responsible price range is a must being that there are so many financial factors that go into buying a new home.
    1. Consider your income: “How much do we make a month? A year?” This way you can determine home much to budget for to be able to make monthly mortgage payments.
    2. Compile your current monthly expenses: This goes hand in hand with considering your income. Once you find out what your current monthly expenses are you will be able to settle on how much is left over from you pay check to put towards a house payment.
    3. Credit: An important factor in getting approved for a loan in order to purchase a home. Consider your credit rating when thinking about purchasing your first home. Lenders are very willing & eager to work with first time home buyers when it comes to credit. & what better way to establish good credit but to purchase a home & make prompt & timely mortgage payments each month!
    4. Down payments & interest rates: These two factors tie directly back into income. Have you saved up money over time to put towards a down payment on a home? If so this could dramatically help your monthly mortgage payments decrease. Also, factor in the interest rate of the mortgage payment. This over time will add up so be prepared to pay the little extra that comes along with a loan & it’s interest rate.
  • When considering buying a home taking part in a mortgage comes with the territory. So just like with any other major decision in life you should shop around. There are many options that vary from one another so that you can find the one that has the perfect fit for you & your situation & preferences. Different lenders will quote you different prices & stipulations for each type of loan you may be interested in. This is why it is important to take the time to compare all avenues, in order to find the one that is best suited for you. Be sure to prepare a list of all your questions before hand so that the situation does not become overwhelming & you miss out on the opportunity to obtain key information. Such as asking your lender & broker if the rates are “fixed or adjustable” or if the rates they have quoted you are the most up to date.
  • Research is your friend when it comes to buying a home. Whether it be shopping around for loans, touring different homes or looking into different first time home buyer programs, exploring your options is your best bet. When it comes to home buyer programs, exploring is an important factor. Ask around, do your research & find programs that may help you with your home buying process. 

    Pursue Your Dream of Homeownership

With rates at historic lows and a housing market that is bouncing back, opportunities for first-time homeowners abound

Eighty percent of America’s families believe that buying a home is a good financial decision and sixty-eight percent report that now is a good time to buy*.  Additionally, more renter households are considering homeownership due to high housing affordability levels. In fact, in many areas of the country, it’s cheaper to own a home than rent. 

Cost aside, the “American Dream” of homeownership provides an opportunity to build equity and stability over time, become a part of a community, and create a home that is uniquely yours. 

For homebuyers with secure jobs and strong credit, today’s market is very affordable and it is a good time to buy your first home.  Here’s why: 

  • Mortgage rates are still at historic lows – around five percent for a 30-year fixed-rate mortgage – providing you with more home purchasing power. To give you an historical perspective, in January 2000, mortgage rates were 8.21; and in the early-1980s, they exceeded 18%!  

    Keep in mind that mortgage rates are on the rise. If you wait too long to buy, you could find yourself with a higher rate that impacts how much you can afford.
  • The market is trending up – creating opportunities for you to build equity over time.  Because home values are rising in many areas of the country, if you sit on the sidelines too long, you may lose out on good buying opportunities.
 
   

Are You Ready for Homeownership?

The best way to know if you should become a homeowner is to do your homework and determine if you are financially ready. Homeownership is most likely the largest financial commitment you will ever make, and it is more important than ever that you are financially prepared and financially stable.

How do you know if you’re financially prepared? You are on a good path if:

  • You have a good, steady income that you can document
  • Your credit history is strong
  • You can afford at least a five percent down payment plus closing costs
  • You have funds on hand for emergencies – like home repairs, temporary loss of income or medical situations

Also, take the time to prepare for successful, long-term homeownership and seek out good pre-purchase housing counseling from a HUD-approved counseling agency (www.hud.gov).  Or, take the online, self-paced CreditSmart® tutorials offered by Freddie Mac to learn important aspects of credit and homeownership.  Visit www.freddiemac.com/creditsmart/consumer_training.html to learn more.

If you are ready for homeownership, call me today and we’ll get you started with these key steps:

  1. Select a lender. You’ll want to find a lender that is reputable, trustworthy, and offers financing options that meet your needs. EXIT CENTRAL REALTY can share practical tips on choosing an appropriate lender. Friends and colleagues are also excellent sources for lender referrals.
  2. Go through the pre-approval process and determine how much you can afford. Pre-approval is critical before you start shopping for a home. Not only does it help determine how much home you can afford, it allows you to make an offer quickly – which is important in many markets.
  3. Look for your home. EXIT CENTRAL REALTY will be with you every step of the way in choosing your first home, from evaluating neighborhoods to negotiating a good deal for you. We’re here to answer any questions you may have as you go through the homebuying process.

If you decide to take the step to homeownership, remember that being financially prepared and doing your homework early in the process are key to becoming a long-term, successful homeowner.

* 2013 NAR Housing Pulse Survey

EXIT Central & Preferred Realty Branch Offices 

Dover, DE Milford, DE Cecil County, MD Baltimore County, MD Harford County, MD Ann Arundel County, MD
EXIT Central Realty EXIT Central Realty EXIT Preferred Realty EXIT Preferred Realty EXIT Preferred Realty EXIT Preferred Realty
302.674.2900 302.424.8221 410.670.9100 410.670.9100 410.670.9100 410.768.0600
598 N. DuPont Hwy 615 N. DuPont Blvd 2615 Augustine Herman Hwy 8839 Belair Rd 2105 Laurel Bush Rd, #110 7164 E. Furnace Branch Rd, Ste D
Dover, DE 19901 Milford, DE 19963 Chesapeake City, MD 21915 Baltimore, MD 21236 Bel Air, MD 21015 Glen Burnie, MD 21060
www.DelawareListed.com www.DelawareListed.com www.ExitChesapeakeBay.com www.ExitPreferred.net www.ExitPreferred.net www.ExitPreferred.net

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