We Have Answers to Your Questions

With AbqHomeSearch.com we have all the tools needed to help our first time buyers find their dream home. We’ve put together some great resources for our clients.

  1. Decide how much home you can afford. Get PreApproved today CLICK HERE
  2. Develop a wish list of what you’d like your home to have. Then prioritize the features on your list.
  3. Select three or four neighborhoods you’d like to live in. Consider items such as schools, recreational facilities, area expansion plans, and safety.
  4. Determine if you have enough saved to cover your downpayment and closing costs. Closing costs, including taxes, attorney’s fee, and transfer fees average between 2 percent and 7 percent of the home price.
  5. Get your credit in order. Obtain a copy of your credit report.
  6. Determine how large a mortgage you can qualify for. Also explore different loans options and decide what’s best for you.
  7. Organize all the documentation a lender will need to pre-approve you for a loan.
  8. Do research to determine if you qualify for any special mortgage or down payment assistance programs.
  9. Calculate the costs of homeownership, including property taxes, insurance, maintenance, and association fees, if applicable.
  10. Contact us at 505-980-6383 or scott@abqhomesearch.com to schedule an appointment so we can discuss more about your Real Estate needs.

*Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005.

All rights reserved. 

www.REALTOR.org/realtormag   

Get PreApproved today CLICK HERE

Choices That Will Affect Your Loan 

  • Mortgage term. Mortgages are generally available at 15-, 20-, or 30-year terms. The longer the term, the lower the monthly payment if the same amount is borrowed. However, you pay more interest overall if you borrow for a longer term.
  • Fixed or adjustable interest rates. A fixed rate allows you to lock in a low rate for as long as you hold the mortgage and is usually a good choice if interest rates are low. An adjustable-rate mortgage (ARM) is designed so that interest rates will rise as interest rates increase;
    however they usually offer a lower rate in the first years of the mortgage. ARMs also usually  have a limit as to how much the interest rate can be increased and how frequently they can be raised. ARMs are a good choice when interest rates are high or when you expect your income to grow significantly in the coming years.
  • Balloon mortgages. Balloon mortgages offer very low interest rates for a short period of time—often three to seven years. Payments usually cover only the interest, so the principal owed is not reduced. However, this type of loan may be a good choice if you think you will sell your home in a few years.
  • Government-backed loans. Government-backed loans, sponsored by agencies such as the Federal Housing Administration (www.fha.gov) or the U.S. Department of Veterans Affairs (www.va.gov), offer special terms, including lower down payments or reduced interest rates—to qualified buyers.

*Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. 

 All rights reserved.                       

www.REALTOR.org/realtormag  

  1. A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this
    complexity can help you avoid delays or costly mistakes.
  2. Selling or buying a home is time consuming. Even in a strong market, homes in our area stay on the market for an average of 76 days. And it usually takes another 45 days or so for the transaction to close after an offer is accepted.
  3. Real estate has its own language. If you don’t know a CMA from a PUD, you can understand why it’s important to work with someone who speaks that language.
  4. REALTORS® have done it before. Most people buy and sell only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. That’s why having an expert on your side is critical.
  5. REALTORS® provide objectivity. Since a home often symbolizes family, rest, and security, not just four walls and roof, home selling or buying is often a very emotional undertaking. And for most people, a home is the biggest purchase they’ll ever make. Having a concerned, but objective, third party helps you keep focused on both the business and emotional issues most important to you.

*Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. 

All rights reserved.

www.REALTOR.org/realtormag   

  1. Be picky, but don’t be unrealistic. There is no perfect home.
  2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
  3. Get your finances in order. Review your credit report and be sure you have enough money to cover your downpayment and your closing costs.
  4. Don’t wait to get a loan. Talk to a lender and get pre-qualified for a mortgage before you start looking.
  5. Don’t ask too many people for opinions. It will drive you crazy. Select one or two people to turn to if you feel you need a second opinion.
  6. Decide when you could move. When is your lease up? Are you allowed to sublet? How tight is the rental market in your area?
  7. Think long-term. Are you looking for a starter house with the idea of moving up in a few years or do you hope to stay in this home longer? This decision may dictate what type of home you’ll buy as well as the type of mortgage terms that suit you best.
  8. Don’t let yourself be “house poor”. If you max yourself out to buy the biggest home you can afford, you’ll have no money left for maintenance or decoration or to save money for other financial goals.
  9. Don’t be naïve. Insist on a home inspection and, if possible, get a warranty from the seller to cover defects within one year.
  10. Contact us! Call us at 505-980-6383 or email scott@abqhomesearch.com to schedule an appointment so we can discuss more about your Real Estate needs.

*Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® Copyright 2005. 

 All rights reserved.                       

www.REALTOR.org/realtormag