Buying a home is a big deal − and it can be a daunting, confusing process the first time you do it.
Here are some online tools that can help you along the way.
What home mortgage amount can you afford?
A good starting point is to know how much house you can afford. A monthly mortgage payment weighs heavily on your budget. Factors such as a down payment amount, interest rates and other existing debt, such as credit cards and auto loans, will help set guardrails on what your budget can withstand.
The folks at Fannie Mae have an affordability calculator that you can use to input your information. It’ll report back to you a mortgage payment amount that fits with your budget.
What homes are for sale near me?
So you know how much you can afford to pay for a house. The next step is to start looking at what’s available in the area where you want to live.
There are scores of websites and apps that can show you the inventory of homes in your area. One is Zillow, a leading home rental/sales site that will use your location settings to bring up a map of houses for sale near you. Zillow also allows you to punch in any existing address − even for homes that aren’t on the market − to get a sense of what properties in that area are valued at.
How do I find a mortgage lender?
The Consumer Financial Proection Bureau offers a one-sheet page with tips on how to find the right lender with the right mortgage for your situation. Additionally, the page also has a list of good questions you should ask about the loan offer from any given bank, credit union or broker.
As the CFPB notes:
“There are many different types of mortgage loans available, so be sure you understand all of your options. If you are a veteran or service member, you may qualify for a VA loan. If you have concerns about your credit history or only have enough to make a smaller down payment, you may qualify for an FHA loan.”
How do I find a real estate agent?
This is likely the most subjective part of the entire process. You’ll want to find someone who understands your needs, your home desires and then will work to find the best fit at the best price.
Realtor.com offers a page with tips on finding the right real estate agent. There are some great questions listed on the page for helping you determine which agent would be right for you.
Additionally, ask friends and relatives who have been in your situations about the real estate agents they worked with. They’ll tell you the negatives and positives of their experiences.
