How does the process work?
Buying a first home can be intimidating. But when you work with a franchisee, you have someone to guide you through the entire process. Our franchisees often work with first-time home buyers, and are ready to answer any questions you have. If you already have a real estate agent, your franchisee will be happy to work with him or her to help you find your perfect home. However, you don’t need to have an agent in order to buy a house. If you’d like to talk with a franchisee about how the process works,fill out the form to get started
Once I find a house to buy, how quickly can I expect to move?
In general, you should plan on moving about 45 days from the date you sign your purchase contract.we advise planning on 45 days because, if you’re a renter, you will likely need to give your landlord 30 days’ written notice.
Why buy a house instead of renting?
You might be thinking that a monthly payment is a monthly payment, whether you’re renting or buying. Either way, you’re spending money, right? Wrong! When you pay rent, you’re basically paying for a service – the service of a landlord who puts a roof over your head and keeps that roof in good repair. When you move out, you leave that roof behind. You have nothing more than what you moved in with. But when you buy a home, you’re not losing the money you pay each month. A home is an investment; so with each payment, you’re building equity in an asset. In addition, when you buy a house, you may be able to deduct from your federal income taxes both the cost of your mortgage loan interest and your property taxes – a nice little side benefit that can save you quite a bit of money. Plus, you get to enjoy the one benefit you can only experience when you purchase a house – the realization of the American Dream to own your very own home.
How much can I afford to spend on a house?
The best way for you to get an idea of the amount of money you have to work with is to look at both your income and the amount of debt you have. The rule of thumb is to plan on keeping the cost of your home at somewhere between 1 and 2 times your annual income. This will vary depending upon your debt obligations. When you’re going through the mortgage preapproval process, the lender will generally be checking to make sure that your monthly debt payments (e.g., car, credit card, mortgage payment) would not exceed 36% to 40% of your gross monthly income.