Purchasing a home is always an exhilarating combination of stress and excitement. Whether you are a first time buyer, downsizing because you are an empty nester or relocating for the 10th time in 12 years, buying Lancaster, PA homes for sale with an experienced, local Agent should be a smooth process. Those with plenty of moves under their belt will tell you to write down a short list of your must- have needs and your dare-to-dream wants. Be realistic about each. Analyze what space needs you have based on family members, work at home needs and furniture requirements.
Next, be realistic about your budget. Do not assume that you will get a raise or a bonus in order to be able to afford to buy a Lancaster, PA home for sale. Live within your current means, if not below. Schedule a sit down with your mortgage broker for a realistic talk about how much you can afford on a monthly basis for principal, interest, taxes and insurance. In the business this is called PITI. If you can swing the mortgage payment but not the tax bill or the huge electric bill, do not buy that house. There is plenty of realty Lancaster, PA to choose from.
Likewise, get approved first. Do not assume that a quick talk with a national mortgage person over the phone means that you can go shopping for Lancaster, PA homes for sale. You need to have a broker run your credit scores, debt to income ratios and print a pre-approval letter for you. Banks are much stricter than in the past so you need to be sure that all your paperwork is in order before you fall in love with a home that is out of your current budget.
Conversely, do not spend everything that you are approved for if you are not comfortable with that monthly payment. If you, or you and your partner, like to travel frequently, a large mortgage payment may hamper your vacation budgeting. Be honest with yourself and each other about which is more important. Examine how much you usually spend monthly or annually on special activities and hobbies and then work backwards with your budgeting. See what number you are content with for your mortgage payment and discuss this number with your mortgage broker. If you reflect on these points, much of the perceived stress of buying Lancaster PA homes for sale should be diminished.