Examining the path to home ownership

It hits you one day while examining your finances that you have enough money to purchase a home! The time has finally come to own a place of your own. Although this may come as an exciting time in your life, it’s important to think about what owning a home means, the responsibilities that comes with it and the many expenses that may creep before and after a home purchase.

Here’s a few things to keep in mind as you start the journey to being a homeowner.

Examining your finances

Ensure you have enough money to pay for a monthly mortgage payment, home insurance and utilities, while still having funds available for other bills and living expenses. Don’t forget to consider property tax bills as well as any needed repairs to your home down the line.

Calculate how much you can afford

Online mortgage calculators are useful tools in determining how much home can you afford. These calculators can help you determine what mortgage payments fit in your budget. Industry experts suggest that not more than 30 percent of your gross income should be used for a housing payment.

Searching for a property

There are many ways to search homes for sale. Along with utilizing property listings in your area, you can use the Travis Home Advantage program. Be prepared to adjust your target area based on what you can afford and not necessarily on what you want. Settling for something more affordable, such as a condo, is a good alternative because it keeps you on budget until you ready to expand.

Mortgage pre-approval

Apply online for a home loan with Travis by visiting our Real Estate website today!

Real Estate Crunch The Numbers