Great Albuquerque Home Buyer Tips
Moving anywhere can be overwhelming. There’s the process of locating a place to live, selling your house if you own, changing jobs and going through the actual process of packing your things and moving them. Finding yourself in a new city can be challenging and scary. If you’re considering a big move to Albuquerque, use these tips to buy your perfect home.
Home Buyer Tips – How Much Home You Can Afford?
Before you do anything else, you need to decide how what kind of home you can afford, and set reasonable expectations that match that number. Use this home affordability calculator to determine how much you can afford.
Home Buyer Tips – What Are You Looking For In Your Home?
Once you’ve set a budget, get to work on a list of things you’re looking for in your new Albuquerque home. Look at styles, sizes, whether you want a garage, a fenced in yard, etc. Your budget will largely determine the type of house you choose. Choose wisely, and decide what things are deal-breakers. Determining wants versus needs is an important step.
How Much Down Payment Do I Need To Buy A Home?
You’ll want to start saving early. 20% is fairly standard for a down payment, though many lenders do allow less. First time home buyers can put down as little as $500. Federal Housing Administration and Conventional loans can be acquired for as low at 3.5% or 3%. If you are a veteran or active duty you may qualify for VA home loan with zero down payment. Find out beforehand what your down payment will need to be. On a $100,000 home, 20% means a $20,000 down payment.
What Are My Mortgage Options To Buy An Albuquerque Home?
When buying a home, there are several mortgage options that exist. Traditional mortgages are the standard, conforming to government-backed regulations. Federal Housing Administration or FHA loans permit down payments as low as 3.5%. Veterans affairs loans often require no down payment.
The amount you put down also affects your monthly mortgage payment and interest rate. If you want the smallest mortgage payment possible, opt for a 30-year fixed mortgage. But if you can afford larger monthly payments, you can get a lower interest rate with a 20-year or 15-year fixed loan. Use our calculator to determine whether a 15-year or 30-year fixed mortgage is a better fit for you. Or you may prefer an adjustable-rate mortgage, which is riskier but guarantees a low-interest rate for the first few years of your mortgage.
What Is My Credit Score?
It’s important to get a copy of your credit report to check for any anomalies that might hurt your chances of getting a mortgage or getting a good rate. During the home buying process, pause any activity. Do not apply for new credit cards or loans, etc to prevent your score from dipping.
Compare Mortgage Rates
Check rates across several different lenders to make sure you’re not leaving money on the table. Comparing rates from at least 3 lenders can save up to $3,500 over the life of the loan. Examine different rates and fees to find the best deal.
Home Buyer Tips – Research The Best Neighborhoods In Albuquerque
This will also impact home prices. You might find your dream house in the best neighborhood that is $150,000 over budget, or you may find a beautiful property in a less than desirable neighborhood. Check out these few things selecting a neighborhood:
Research nearby schools, even if you don’t have kids since they affect home value. Look at local safety and crime statistics. Map the nearest hospital, pharmacy, grocery store and other amenities you’ll use. Drive through the neighborhood on various days and at different times to check out traffic, noise and activity levels.
There are several beautiful areas to choose from all across Albuquerque with access to great schools and quaint neighborhoods. Search for homes in your favorite area by using the links below.
Search Albuquerque Homes for Sale By Neighborhood
- Academy West
- Fairgrounds
- Foot Hills North
- Foot Hills South
- High Desert
- La Cueva High School Homes
- NorthEast Heights
- Far NE Heights
- North Albuquerque Acres
- Sandia Heights
- Tanoan Country Club
- University of New Mexico Homes For Sale
- University Of New Mexico South
- Nob Hill
- Down Town Albuquerque Homes
- Ventana Ranch
- Four Hills
- Paradise East
- Northwest Heights
- Ladera Heights
- Uptown
- Southwest Heights
- South Valley Real Estate
- Volterra Homes
- Mesa Del Sol
- Southeast Heights
- North Valley Homes
How Much Are Closing Cost To Purchase A Home In Albuquerque?
A common mistake that buyers make is forgetting to account for closing costs when applying for a mortgage. Closing costs generally run between 2% and 5% of your loan amount. You can shop around and compare prices for certain closing expenses, such as homeowners insurance, home inspections, and title searches. You can also defray costs by asking the seller to pay for a portion of your closing costs or negotiating your real estate agent’s commission.
Don’t go into the home buying process without a plan. Use these tips to arm yourself with the right knowledge to get the job done, and buy confidently, in ABQ, and across the country.
Myers & Myers Real Estate – Realtors
The real estate market is constantly changing and no two clients or transactions are the same. Achieving the real estate goals of our clients are the cornerstone to our business philosophy.
For most people, buying a house or selling a house, is the biggest financial decision of their lives. Selecting the best Realtors will be the most critical decision made when buying or selling a home.
Our Realtors have extensive experience in the current market and are agents you can trust. We have the knowledge and expertise to help you buy or sell a house.
Our team is here to help you and make the process as stress free as possible.
Myers & Myers Real Estate has been helping home buyers and sellers since 2010 and we’re ready to put our expertise to work for you.
Seller’s Realtors in Albuquerque NM
Our Realtors will help you sell your house and achieve your real estate goals. We have the knowledge and experience to get your home sold and get you where you want to go one time, put you in the strongest negotiating position possible, and make it easier for you and reduce surprises. Choose Myers & Myers real estate agents to help you sell your house.
Sell your home working with experienced real estate agents who specializes in your desired market will make all the difference.
When you list your house with Myers & Myers Real Estate, your home will be seen by thousands of home buyers through our online marketing plan. Contact us to discuss our cutting-edge marketing plan, market knowledge, and experience to sell your home.
Buyer’s Realtors in Albuquerque NM
Our buyer’s Realtors will help you find the perfect home for your needs and budget. We’ll make sure you find the right home, you don’t miss out on any homes that meet your goals, and we’ll help you negotiate the best price possible. Contact us today to get started on your home buying journey.
Check out Albuquerque NM homes for sale, Rio Rancho NM homes for sale, Corrales NM homes for sale, NM, East Mountains homes for sale, Valencia County homes for sale and Los Lunas NM homes for sale, then reach out to us when you’re ready to get started!
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