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Buying your first home

Purchasing a home for the first time is a big and important task. With a well organized, proven approach to the home-buying process, your GMAC Real Estate sales professional can help you find the home of your dreams. This process is called the Home Buying System. This system is designed to help you:

  •  Determine your housing price range;

  •  Locate the home of your choice;

  •  Negotiate affordable price and terms;

  •  Handle closing to your best advantage.

 

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Defining your price range and your preferences

Where to begin

Before you start driving around looking for yard signs, do some homework to fine-tune your dreams and expectations.

Know how much house you can afford

Review your budget and determine how much you want to pay each month. Lenders will consider the home’s sale price and your down payment in determining how much to loan you, but your monthly payment is of primary importance. In addition, housing costs are usually more than just mortgage

principal and interest, because they often include property taxes and insurance.

As a general rule, your monthly housing cost should not exceed 28 percent of your gross monthly income. If you have outstanding long-term debt (things like car loans, student loans or credit card balances), that monthly debt plus your monthly housing costs shouldn’t exceed 36 percent of your monthly gross income.

Ask your sales professional for a Lender Information Worksheet. This worksheet allows you to organize all those details needed for the financing application process. It will also help you itemize your living expenses and income, so you may analyze your budget more thoroughly.

Mortgage Chart — Your guide to affordability

Your mortgage power may surprise you. This chart shows how much house you can afford at any given interest rate. To use it, simply find the monthly payment you can afford and read across to the

nearest current interest rate. The point where the two intersect shows you how much mortgage that monthly payment will buy. Many lenders offer mortgage preapprovals, and this can be a real time-saver when you come upon the house you want to buy. Mortgage preapproval is like securing a loan before you find a house, and it’s real peace of mind to know exactly what you can afford. Payments are based on a 30-year amortization and include principal and interest only.