First-time Home Buyers: Here’s a Quick and Easy Guide to Your First Mortgage

Delving into the real estate market for the first time can be a very intimidating thing with all of the mortgage and housing options available. Whether it’s market conditions or the amount you should be spending, there are a number of factors you’ll need to be aware of. If you’re just starting out and not sure where to begin, here are some points to consider that will set you on the right path.

Is It The Right Time To Buy?

Many people try to time the market, but the right time to buy a home is when it works for you. If you have a solid down payment and you’re truly prepared for home ownership, it’s probably the right time to start looking. While a good home and low interest rates can certainly push you in this direction, if it’s not quite the right time, hold off until it’s right for you.

What’s Your Payment Plan?

It’s easy for a first-time buyer to be taken in by their dream home, but it’s important to be clear on all the costs associated with home ownership like property tax, insurance, maintenance and other fees that will bump up the monthly payment. If you can formulate a budget that includes all of your monthly costs and is feasible in the long term, you’re good to go.

What Documentation Is Required?

Having your personal documentation in order and available will be one of the most important steps in your application, but there are a number of things you’ll need. Beyond recent paystubs, tax returns and bank statements, you’ll also need your credit report, so take a look over it to ensure that it’s correct and displays your financial history in a positive light.

Starting the Search

You may be ready to move as soon as you start looking, but buying your first home can be a rather lengthy process. Instead of being sucked in by too much house or taking the first home that appeals to you, ensure that you have a good sense of the size, neighborhood and style of house you want so you can get out there and find the home that works for you.

There are a lot of things to consider when it comes to buying your first home, but by being ready to invest and having your finances in order you’ll be well on your way. If you’re currently in the market for a home, give me a call, I’d love to help – J.P. Cook – 602-320-4253.

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3935 E Rough Rider Road Phoenix, AZ 85050

$460,000

2 Beds

2 Baths

1,696 SqFt

Status Active

MLS # 6675020

Property Type Townhouse

Price Type --

The seller's motivation is reflected in the $15,000 dollar price drop! Bldg 13 - Great corner unit that offers more outside living space and windows with the wonderful Desert Ridge location. Extra storage in garage, freshly painted and ready for the new owner! Great for full time or lock & leave resort living.

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2682 N 158th Drive Goodyear, AZ 85395

$460,000

2 Beds

2 Baths

1,824 SqFt

Status Active

MLS # 6665928

Property Type Single Family Residence

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Now here's a really nice home, situated on a cul-de-sac lot, and priced to sell. This is the ever-popular Newport model offering: 2 bedrooms, 2 baths, office, open concept living and more. The main suite is spacious with roomy bath and built-ins in the closet. All tile floors thru-out. The lot is connected to common area, so there's no walls to make you feel closed in. This is a well-cared for home that will be sure to please.

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21647 N Mozart Court Sun City West, AZ 85375

$460,000

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6668285

Property Type Single Family Residence

Price Type --

Enjoy the good life in this San Manuel model home located on an 18,451 sq ft Cul de Sac lot with 3 bedrooms & 2 1/2 baths. Newly painted exterior with a gated front courtyard. The expansive living/dining room has high ceilings, + large family room with ample built-ins, in addition to travertine & wood flooring throughout. The large primary suite features two walk-in closets, dressing area & the bath has a recently renovated walk-in shower. Guest bedrooms are on the other side of the house along with a full bath. The kitchen a R.O. water system and recessed ceiling lights. Inside laundry room + whole home water filtration system. The huge 2 ½ car garage has built in storage. There is also a spacious Sunroom. The home has Solar power with a fixed $159.23 monthly, assumable lease.

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648 E Cottontail Run Cottonwood, AZ 86326

$460,000

2 Beds

2 Baths

1,800 SqFt

Status Active

MLS # 6668849

Property Type Single Family Residence

Price Type --

2bedroom 2bath home with remodeled kitchen granite countertops, flat top stove, trash compactor, dishwasher, sink and faucet new can lighting. New flooring in living room , dining room. and kitchen. Bedrooms have new carpet. Both bathroom have been updated with flooring, medicine cabinets, mirrors, vanities, sinks and faucet. ceiling fans throughout rooms. Home has two bonus room and basement. 2 car garage .

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