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Next to finding it, the most important aspect of buying your dream home is paying for it! In fact, it should be the first step in the entire process. You need to know exactly how much property you can comfortably afford to purchase before you expend the time to look. Whether you work with a direct lender or other mortgage professional, it is VERY IMPORTANT that you understand exactly what your monthly payments will be for each loan program. It is so basic, but SO important! Remember our Buyer's Mantra: Buy what you like, BUT above all, buy what you can comfortably afford! If you want to play around and get a basic idea of mortgage loan amounts and related monthly payments before speaking with a professional, there are a couple websites we recommend: Mortgage Calculatorswww.mtgprofessor.com - A complete mortgage financing resource with every imaginable mortgage calculator and wizard, but requires extensive data input. www.bankrate.com - For those of you that want something simpler. Home-Buyer Financial Assistancewww.calhfa.ca.gov - California Housing Finance Agency www.naca.com - Neighborhood Assistance Program of America http://www.fhadpa.com - Grant America Program Direct LendersTwo of the biggest in the area .. First-Time Home Buyer Advice (Other than Mark, of course!) How to Save for Your First Home As Buying One Gets Tougher Top Tips for First-Time Home Buyers
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© Mark Murphy, 2010