There are a lot of things to think about when you consider buying a home for the first time, or for that matter, at any time. When you begin the process, it is important to take a few key details into consideration before you begin your search.
At the beginning, the two most important things to determine are your time frame for a move and your price range. From start to finish, the entire process typically takes about two to three months. Finding the perfect home takes some buyers just a few days but can take others a couple of months. So be prepared in knowing that once you find a home, it can take anywhere from 30-90 days for the home to be officially yours. If you have a lease while you are looking for a home, talk to your landlord to see if they might let you extend on a month-to-month basis while you look for a home, or if they might let you out of the lease early if you find a property to give you some more flexibility. We often help our first-time buyers negotiate this with their landlords.
Next up is determining a price range, which is half the battle. This is a factor of a combination of things: How much money you can put into a down payment, how much do you want to spend per month on a mortgage payment, your debt to income ratio and the current interest rate.
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