Home Affordability: Considerations for Buyers
Affordability is perhaps the single biggest concern of first-time home buyers. Many singles and young families in particular wonder how long it will take to afford their first home. On top of a home’s base price, unknown fees and real estate taxes can significantly increase your home’s monthly payment. Usually, the total amount of the previous year's property taxes will be included on the listing information sheet for the home. If it isn’t, ask to see the seller's receipt. Remember, tax rates change from year to year, so the previous year's bill should only be considered an estimate. For a more precise projection, call the local assessor's office.
Consult a Real Estate Agent for Guidance
Our advice: Don't sell yourself short. Talk to your real estate agent. A good agent is committed to honestly and responsibly working to determine your practical and reasonable price range – which is especially helpful for first-time home buyers seeking affordable home options. They can also connect you with our affiliated mortgage partner, Guaranteed Rate Affinity, who offers many financing options, some with low down payments, to help you find options that fit your budget. You may be surprised at just how much home you could afford with Guaranteed Rate Affinity's seamless mortgage process because they make it easy. Additionally, Guaranteed Rate Affinity provides flexible loan options tailored to your needs, helping to make the home buying process even smoother.
Mortgage Options: Introducing Our Affiliated Mortgage Partner
Through our affiliated mortgage partner, Guaranteed Rate Affinity, loan officers can help determine what loan programs will work for you before you’ve even selected a house. Once you provide the required information during the pre-approval process, they will pull and analyze your credit. Guaranteed Rate Affinity can then determine the maximum loan amount you qualify for. If you meet the guidelines of their mortgage programs, you will receive a pre-approval letter*.
How a Loan Pre-Approval Can Help You
Being pre-approved demonstrates your financial ability to purchase a home and could give you a competitive advantage over other offers. With Guaranteed Rate Affinity's innovative tech tools, such as Loan Status Monitor, you and your agent can track your pre-approval status to seamlessly navigate the offer process.
*Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Refinancing your mortgage may increase costs over the term of your loan. Restrictions may apply.
Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Coldwell Banker and Guaranteed Rate Affinity do not guarantee or assume liability for the accuracy, completeness or timelines of the information. You should conduct additional research before making any mortgage related decisions.
Coldwell Banker and Guaranteed Rate Affinity, LLC share common ownership and because of this relationship the brokerage may receive a financial or other benefit. You are not required to use Guaranteed Rate Affinity, LLC as a condition of purchase or sale of any real estate.
Guaranteed Rate Affinity, LLC; NMLS #1598647; 1800 W Larchmont Ave, Chicago, IL 60613; 773-516-6900. For licensing information visit nmlsconsumeraccess.org and grarate.com/licensing. Equal Housing Lender. Conditions may apply. Operating in the state of New York as GR Affinity, LLC in lieu of the legal name Guaranteed Rate Affinity, LLC.