Get instant property alerts for www.dominguezhomes.com

Get the MoveTo App
Daniel Dominguez
  • Home
  • Videos
  • Advanced Search
  • Market Reports
  • Home Valuation
  • About
Login
571.643.5552

Sign in to your account

Need to reset your phone number?

Don't have an account with us?

Click here to sign up.

Steps to Take If You Want to Buy a Home

If you’re thinking about buying a home, there are some important things you can do to keep the process moving forward. From saving for your down payment to pre-approval for a mortgage, you can work confidently toward homeownership today.

1. Learn About the Process and How Much You Can Afford

The process of buying a home is not one to enter lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, when you start, you’ll want to get pre-approved for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. According to ConsumerReports.org:

“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

Pre-approval will help you better understand how much you can afford so you can confidently make a strong offer and close the deal. Today’s low inventory means homebuyers need every advantage they can get. If you were pre-approved prior to the beginning of the health crisis, you may need to go through the process again, as lending standards have evolved in recent months.

2. Save for Your Down Payment & Closing Costs

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment and closing costs is another critical step. 

What’s a Down Payment? According to Bankrate: 

“A home down payment is simply the part of a home’s purchase price that you pay up front and does not come from a mortgage lender via a loan.”

Thankfully, there are many different down payment assistance resources available to potentially reduce the amount you may need to put down on your home purchase.

What Are Closing Costs? Trulia says:

“When you close on a home, a number of fees are due. They typically range from 2% to 5% of the total cost of the home, and can include title insurance, origination fees, underwriting fees, document preparation fees, and more.”

If you’re concerned about saving for these items, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org indicates:

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough in your savings if you’re disciplined and thoughtful about your process.

Bottom Line

If homeownership is on your wish list, identify what you can prioritize now to help you get there. Let’s connect to determine the steps you should take to start the process today.

 

Like or Share
Loading likes...

Download Our Free Buyer Guides

 

Service Areas

  • Prince William County
  • Fairfax County
  • Loudoun County
  • Stafford County
  • Arlington County
  • Alexandria City
  • Falls Church City
  • Fairfax City
  • Fauquier County
  • Spotsylvania County
  • Manassas City
  • Manassas Park City
  • Town of Occocuan

  • Home
  • Advanced Search
  • Selling
  • Buying
  • Foreclosures
  • About
  • Blog
  • Featured Properties
  • Contact Us
  • Free Home Valuation
  • Client Comments
daniel dominguez - pearson smith realty

c: 571.643.5552

e: dandominguezre@gmail.com

Pearson Smith Realty
8315 Lee Highway, Suite 430
Merrifield, VA 22116

Licensed in Virginia #0225075870

About

  • About Us
  • Read Our Blog
  • Contact Us

Resources

  • Advanced Search
  • Map Search
  • Home Value
  • Market Reports

My Account

  • Login/Register
  • Saved Searches
  • Favorite Properties
equal housing

Pearson Smith Realty is a licensed real estate broker and abides by Equal Housing Opportunity laws. © . Real Geeks web design by Blue Dream Creative.

  • Prince William County
  • Fairfax County
  • Loudoun County
  • Stafford County
  • Spotsylvania County
  • Arlington County
  • Alexandria City
  • Falls Church City
  • Fairfax City
  • Fauquier County
  • Manassas City
  • Manassas Park City
  • Town of Occoquan
IDX Real Estate Websites by
• Accessibility • Terms • Privacy