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    First Time Homebuyer Tips | Fridays with Fred


    Spring is officially here in Orange County and with the start of spring we’ve seen more people taking “action steps” to buy a home.

    If you’re thinking about buying a home in Orange County the first thing we suggest is that you schedule a buyers consultation with us so we can sit down with you to help you get ready to buy a home.

    Before you schedule your buyers consultation with one our agents we suggest you do the following to get yourself prepared for buying a home:

    #1 – Get Pre-Qualified For a Mortgage Loan

    Pre-qualification will tell you how much of a mortgage loan you qualify for.

    Before getting pre-qualified you should pull your 3-in-1 Credit report to make sure that there are not any errors or negative items on your credit report.

    #2 – Know How Much You Want To Spend Monthly

    Once you’ve been pre-qualified for a mortgage loan the next important action step is for you to figure out how much you will be comfortable spending on owning a home each month.

    When calculating what your home will really cost you it’s important to use PITIA to help you figure out what you can expect to spend each month.

    PITIA stands for: Principal Amount, Interest, Property Taxes, Homeowners Insurance and association dues.

    Owning a home is more than just the monthly mortgage payment. Besides PITIA you must also add your

    monthly bills and expenses on top of your home ownership costs to make sure you will be able to comfortably afford homeownership.

    #3 – Save Money for a Down Payment on a Home

    Last of all, but most important, you will want to save at least 20 percent for a down payment on a home since a larger down payment will also help you to have a lower monthly mortgage loan payment.

    To schedule your buyers consultation contact Fred Sed & Associates today by calling us (949) 272-0125.

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    Our agents write often to give you the latest insights on owning a home or property in the local area.