dave.hoyle@abr-orlando.com
    407-529-4621

ABR Orlando.comABR Orlando.com

Homes to Buy and Homes for Sale in the Orlando and Orange County Community

  • Home
  • Blog
  • Search
    • Featured Properties
    • Easy Search
    • Advanced Search
    • Address Search
    • Map Search
    • Listing ID Search
    • Agent Search
  • Buy
    • Home Buying Orlando
    • Lender Links
      • HomeBridge Financial Services
      • Caliber Home Loans
  • Sell
    • Home Selling Orlando
    • Premium Property Marketing
    • Matterport 3D Virtual Tours
    • STAGING RESOURCES
      • 5 STAR DESIGN CONSULTATION
      • PODS Discount
      • Orlando Home Staging NAR Guide
      • Sherwin Williams Paint Discounts
  • Golf Homes
    • Alaqua Country Club
    • Bay Hill Club
    • Country Club of Orlando
    • Keenes Pointe Golf club
    • Isleworth Country club
    • Sweetwater Golf and Country Club
    • Heathrow and Legacy Clubs
  • Communities
    • Orlando
    • Longwood
    • College park
    • Colonialtown
    • Baldwin Park
    • Winter Park
    • Windermere
    • Oviedo
    • Dr Phillips
    • Apopka
    • Winter Garden
  • About
    • Meet The Team
  • Contact

What to Do Before You Start House-Hunting for Your First Home

Checklist for First Time Homebuyers - Orlando Homes for Sale

If you’re thinking about buying a home but you’re currently renting, we can help you figure out if you’re really ready. This checklist explains what you need to do to prepare to buy your first house.

What to Do Before You Start House-Hunting for Your First Home

If you’re buying your first home – or, at least your first home in a while – you’ll have to prepare ahead of time by:

  • Figuring out how much house you can afford
  • Coming up with a down payment
  • Sprucing up your credit score
  • Researching your mortgage options
  • Finding the right Realtor®

All this happens before you start searching for your dream home, so the sooner you start, the better off you’ll be.

Figuring Out How Much House You Can Afford

Subtract all your monthly obligations – rent, car payments, credit card payments, insurance, utilities and everything else – from what you make each month. If you’re doing just fine now with rent, chances are pretty good you’d be able to afford a similar mortgage payment. However, remember that when you borrow more money from a lender to buy a home, your mortgage payments will be higher – which is why coming up with a good down payment is essential.

Coming Up With a Down Payment

Most lenders want you to put down 20 percent of your own money as a down payment on a home, but there are many loan programs that require much less. Some programs allow you to borrow the money for a home with as little as 3 percent down – and VA loans let you borrow with nothing down. However, if you’re putting down less than 20 percent, you’ll have to buy private mortgage insurance, or PMI. PMI protects the lender if you default on your payments. (The exception is when you use a VA loan – in that case, you’re not required to buy private mortgage insurance.)

Sprucing Up Your Credit Score

When you’re buying a home, lenders will look at your credit score as an overall picture of your financial health. Now is the time to start paying down debt and making sure all your payments are made on time. Many experts advise against closing credit accounts, though, because it’s good to show lenders that you’re able to juggle multiple lines of credit without any issues.

Researching Your Mortgage Options

There are hundreds of mortgage products available, including loans that last 10, 15 and 30 years. Even within those brackets, there are programs that allow you to put down less than 20 percent as a down payment, some that have fluctuating mortgage rates, and many more. Start researching your options early to find out what type of loan is right for you.

Finding the Right Realtor

You’ll want a skilled buyer’s agent on your side when you’re ready to take the leap. Your Realtor will help you find the right house, negotiate with the seller on your behalf, and file all the appropriate legal paperwork. He or she will also be there to give you recommendations for contractors, like home inspectors, and can even help you find a lender who can help you get the cash to buy a house.

Are You Buying a Home in Orlando?

Call us at 407-529-4621 to find out what’s available now.

Explore our current listings, search all Orlando real estate listings to find out what’s available now, or check out these communities:

  • Homes for sale at Alaqua Country Club
  • Houses for sale at the Country Club of Orlando
  • Homes for sale at Isleworth Country Club
  • Real estate listings in Sweetwater Golf and Country Club
  • Homes for sale at Heathrow and Legacy Clubs

Posted in: Buying a Home Tagged: Buying a Home, Credit, Down Payment, Mortgage

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Post navigation

« Spotlight on The Golden Bear Club at Keene’s Point
4 Must-Try Steakhouses in Orlando »

Property Search

Featured Properties

No properties found

See more listings

  • Unlimited Access
  • Free Daily Alert
  • Save Search Criteria and Properties
Sign Up
Already registered
Sign In

New Listings

  • Just listed last 10 days
  • Just listed last 5 days
  • Just listed last 2 days

About Abr Orlando

We love working with Buyers and have worked hard to develop the skills necessary to assist our clients. All of us at Accredited Buyers Representative-Orlando LLC are certified as ABR®’s or working towards that and other NAR Designations to help you find your perfect spot. This short video highlights some of the important benefits of working with an ABR® when buying your next home. Education and Experience produce results for our clients.

ABR Orlando
1936 Lee Road Suite 100
Winter Park, FL 32789
Email: dave.hoyle@abr-orlando.com
Phone: 407-529-4621

  

Client Reviews

Connect With Us

© 2022 · abr-orlando.com
Website & Marketing by Nailsoupmedia.com
Privacy Policy | Terms And Conditions | ADA Policy | DMCA Notice

ADA Compliance: In concurrence with the National Association of Realtors guidelines, The ABR Orlando and it's affiliates are committed to providing an accessible website. If you have difficulty accessing content, have difficulty viewing a file on the website, or notice any accessibility problems, please contact us at 407-529-4621 to specify the nature of the accessibility issue and any assistive technology you use. We strive to provide the content you need in the format you require.

Orlando - Longwood - College Park - Colonialtown - Baldwin Park - Winter Park - Windermere - Oviedo - Dr. Phillips - Apopka - Winter Garden

sitemap - Listings Sitemap