What First-Time Homebuyers Need to Know
At Apollo Trust, we care about you, our customers. Our approach to getting you into your first home is a bit different than our competitors. We’ll take the time to discover your needs, explain your options, and answer your questions. When you work with us, you’ll feel comfortable with both your new home and the mortgage you select.
Start With Your Wish List
If you haven’t yet found a home, we can discuss what you need and want for a first-time home. After brainstorming, the list is narrowed to realistic expectations. We encourage customers to consider factors like the size and style of home they prefer. We can also help compare desirable neighborhoods as well as family needs, including hobbies, lifestyle, and schools.
Apollo Trust takes care to review each customer’s individual financial situation, especially when it comes to income and budget. We usually recommend that mortgage payments not exceed 28% of gross income. It’s also wise to underestimate what you feel you can afford, rather than overspending with little money left after the mortgage payment is made.
Track Expenses before Buying
Review what your budget looks like before buying a home – this is an excellent way to gauge your spending habits. We suggest you track monthly spending to see how you allocate your money. If you like to spend more freely, consider adjusting your housing budget accordingly, or, accept that you may need to tighten your belt once you buy a home.
When you understand the ramifications of home ownership on cash flow ahead of time, you can prevent a stressful or unexpected situation later on.
Choosing a Realtor
It’s important to select a reputable, trustworthy realtor. Be sure they are objective and have your best interests in mind. Ask family and friends for a reference. Listen to their experiences. A good realtor will show you a number of homes in your budget and desired area. As soon as you see what’s available, Apollo Trust can get to work on calculating the true cost of the home including mortgage payments, taxes, insurance and upkeep.
What’s in a Mortgage Payment?
Your payment will include the principal amount (the amount borrowed or still owed on a loan), interest, and often escrow funds collected for taxes and insurance. Having Apollo Trust collect funds to pay your homeowner’s insurance and taxes can offer peace of mind for many. Other expenses to consider are utilities and maintenance. This can include both expected and unexpected repairs, regular maintenance, and other ongoing property needs. Avoid underestimating the cost of upkeep.
At Apollo Trust, we take each customer through the entire mortgage process one step at a time. We’ll help explain your options, reviewing items such as rates, terms, closing costs and other upfront fees (called prepaids).
See Us First
If you’re shopping for your first home, come see us first. We’ll help you to review what’s right for you – and make your mortgage experience positive. Plus, we’ll service your mortgage for life! At Apollo Trust, we’re here for you.