Buying a Home

ARE YOU CONSIDERING THE PURCHASE OF A NEW HOME?

Investing in a new home is an important purchase for you and your family. First time buyers have different concerns than people who are either downsizing or stepping up to a larger home. In either case, you need to consider a number of things before making a commitment to purchase a new property.

First, you must determine if you are truly ready to purchase a new home. What’s the driving motivation to purchasing the home, and can you truly afford it? First-time buyers frequently include new parents or newlyweds preparing to start a family. If this describes you, then you should carefully consider all of the reasons for purchasing a new home and determine that you will be able to afford your projected monthly mortgage payments, homeowners insurance, and property taxes.

If you are planning to downsize from a large home to a smaller one, your concerns will be different. While you will enjoy lower monthly mortgage payments and lower utility bills, your mortgage interest deduction will be much lower, and this could impact your taxes in a negative way. In addition, any profit you make from the sale of your existing home can also be taxed. Be sure to speak with your accountant about the potential negative impacts of downsizing and the best way to limit your exposure.

If you are stepping up to a larger home in a more expensive neighborhood, you’ll be assuming greater financial responsibility for monthly mortgage payments, property taxes, homeowner’s association dues, and ongoing property maintenance. We suggest projecting out income and expenses for the next 3-5 years to make sure you can handle the increased expenditures.

Second, comparison shop using the Internet or consider working with an experienced realtor in your community. Before you start visiting properties, make a list of the amenities you believe your new home must have and research prices online. Things to consider include the location of the house, the age of the home, school locations, and any improvements the home may require immediately after the purchase.

Third, call us! Supreme Lending understands the challenges and concerns when it comes to buying a new home. Let us help you to review your finances and loan options. Please call us at 918-863-0002 or click here to email us and request more information.

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Tulsa Office

1515 S Utica Suite 300

Tulsa, OK 74104

(918) 863-0002

FAX: (918) 863-0022

NMLS # 993175

 

 

Contacts

Alfredo Madrid- Branch Manager

NMLS # 266006

Alfredo.Madrid@supremelending.com

 

 

Marc Marroquin

NMLS # 144624

marc.marroquin@supremelending.com

Call Now at

918-863-0002