Finding a House

This is the fun part! Still, it’s easy to get distracted and carried away during house hunting because emotions are often involved. Try to stay rational and focused. Before you hit the open houses, come up with your own list of wants versus needs as well as deal breakers. You’ll also need to determine what’s important and prioritize your list because, ultimately, you may not get a home that ticks all your boxes. 

While open houses are great, keep in mind that most properties are found online. Fortunately, this makes it easy to be involved in the house search. When touring homes, keep an eye out for certain features (or lack thereof), and be prompt with your visit.

Down Payment

Each mortgage loan program may have different down payment requirements and potentially extra costs for lower down payments. There are special VA loans for Veterans that don’t require any down payment. Most other programs have a minimum of 3%. If you are not putting down 20% as a down payment, you will most likely have to pay some form of mortgage insurance with your monthly mortgage payment. Along with your down payment, you will also be responsible to pay closing costs when buying a new home. Those extra closing costs will vary based on your location and may range from 2%-6% of the home’s purchase price. Your CityWorth loan officer will be able to walk you through the options and find the best program for you.

Location

What matters to each buyer is different but universally it will impact your initial price and resale value. For your unique needs, you may have a family, so being near parks and schools may be most important. You may want to walk everywhere so being near shopping, restaurants, and your job may be a top priority. Or at least easy access to public transportation. Location can also impact additional monthly fees. Many condos require owners to pay condo association dues which vary by location. Single family homes and town homes may come with home owner association dues. With each fee, you will have some amenities covered by the association. Part of the house hunting process is balancing costs with benefits.