06/11/2025
Have you been thinking about buying your first home? Take 30 seconds and read this, might just give you some new insight!
When it comes to home ownership, here’s some of the first steps you need to take even before you talk to a realtor or lender:
💸 Think about your budget, what are you actually spending each month.....not just what you *think* you can afford.
💳 Pay down as much debt as possible in a smart way. Lower debt means better loan options and lower rates.
💼 Job stability is important so make sure you are ready to provide any work documents a lender may request in a timely manner.
📈 Your credit plays a major role in not only your monthly payment but also on getting approved to begin with. Remember, when it comes to paying any debt that affects you credit you should always pay on time and keep balances low. It makes a big difference.
💰 You should try and have as much in your savings as possible. However, shoot for at least 10% of the purchase price of any home you want. This covers your loan down payment, title fees, and other associated costs your lender will go over with you. You don’t need 20% down, but the more you save, the easier it is.
🏦 Start researching loan options. There is a difference between FHA and conventional just as there is between fixed rates and adjustable rates. The more you learn now, the easier the process becomes!
📄 Get your paperwork ready – W-2s, pay stubs, bank statements, work related documents together in a digital format, you’ll need them to send to your lender.
🎯 Look into any and all assistance programs that are local or federal. You might qualify for help with the down payment or other costs!
Buying a home doesn’t have to be overwhelming. I’m here to walk you through it, step by step.
John Morgan, Realtor
772-475-0726
Atlantic Shores Realty Expertise ERA Powered
