Are you a first time homebuyer?

Becoming a first-time homebuyer is a thrilling and transformative experience, but it can also be a bit overwhelming. With a myriad of questions and decisions ahead, it's essential to have a clear understanding of the process. In this short blog, we'll provide guidance and insights to help first-time homebuyers embark on their homeownership journey with confidence.

Understanding Your Budget:

To start buying a home, first assess your financials, including determining your budget, down payment, and monthly costs like mortgage, taxes, insurance, and maintenance. This sets a realistic price range for your new home.

Credit and Pre-Approval:

Your credit score affects your mortgage rate. Check your report, improve your score, and get pre-approved for a competitive advantage while house hunting.

Research and Education:

Before diving into the market, educate yourself about different types of mortgages, interest rates, and the local housing market. Research neighborhoods, schools, and amenities to find the right fit for your lifestyle.

Working with a Real Estate Agent:

Partnering with a knowledgeable real estate agent can streamline your home search. They'll help you find properties that align with your budget and preferences, negotiate on your behalf, and guide you through the buying process.

Home Inspection:

Once you've found a property you love, schedule a professional home inspection. This will help uncover any hidden issues and ensure you're making an informed decision.

Closing and Beyond:

The closing process involves signing legal documents and finalizing the purchase. After closing, you officially become a homeowner. Don't forget to budget for moving costs and consider ongoing maintenance and repairs.

As a first-time homebuyer, the path to homeownership is both exciting and rewarding. It's important to take your time, seek guidance when needed, and make well-informed decisions. Remember that you're not alone in this journey; there are professionals and resources available to assist you every step of the way.

Owning a home is a significant achievement that brings stability and the opportunity to create a space that reflects your personality and style. With the right knowledge and preparation, your dream of homeownership can become a reality. Welcome to the world of first-time homebuyers, where the adventure of a lifetime awaits.

What Factors Influence Your Interest Rate?

When you're seeking a loan, your interest rate is a pivotal piece of the puzzle. It's not set in stone; instead, it's influenced by several factors that reflect your financial profile and the economic climate. Here's a breakdown of the key elements that determine your interest rate:

1. Credit Score: Your credit score is a major player. Lenders use it to gauge your creditworthiness. A higher score often translates to a lower interest rate, while a lower score can lead to a higher rate.

2. Loan Type: Different types of loans carry different rates. Mortgages, auto loans, personal loans, and credit cards all come with their own sets of rates. Mortgages, for instance, typically have lower rates compared to credit cards.

3. Down Payment (for Mortgages): If you're purchasing a home, the size of your down payment can significantly affect your interest rate. A larger down payment usually results in a lower rate.

4. Loan Term: The length of your loan term matters. Shorter terms generally have lower interest rates, but they come with higher monthly payments. Longer terms offer lower monthly payments but often have higher interest rates.

5. Lender Policies: Different lenders may have varying policies and risk tolerances. Some may offer more competitive rates based on their business objectives.

6. Debt-to-Income Ratio: Lenders evaluate your debt-to-income ratio to assess your ability to handle additional debt. A lower ratio may lead to a more favorable interest rate.

7. Loan Amount: The amount you're borrowing can affect your rate. Larger loans may have slightly different rates compared to smaller ones.

Understanding these factors can help you navigate the lending landscape more effectively. To secure the best possible interest rate, it's crucial to maintain a healthy credit score, consider your loan type and term, and stay informed about current economic conditions. Ultimately, the interest rate on your loan is a reflection of the risk you represent to the lender, and by proactively managing these factors, you can potentially secure a more favorable rate.

If you're interested in buying a home this year, click "CALL NOW" to start the process!

How to make sure it's the right neighborhood? 🏡

Do you need help finding the perfect neighborhood for your new home?

• Map out location of grocery stores.

• Visit during the different times of the day.

• Know the commute to work.

• Make a list of local restaurants.

To begin your home search, simply call us. 713-548-6117

AFFORDABLE WAYS TO DISINFECT YOUR HOME DURING CORONAVIRUS

How to Disinfect Your Home in the Time of Coronavirus

A bleach solution or rubbing alcohol is your best bet for keeping your home sanitized.

There’s everyday clean, guest clean, and then there’s COVID-19 clean.

To get down the absolute nitty gritty on how to disinfect your home, you’ll want your big guns: bleach, rubbing alcohol, and hot water.

The Best Disinfectants

For your high-touch surfaces, the Centers for Disease Control recommends a bleach solution diluted with water, or a 70% alcohol solution.

Follow this bleach recipe: 5 tablespoons (1/3 cup) bleach per gallon of water, or 4 teaspoons of bleach per quart of water.

Make sure to properly ventilate when disinfecting with bleach.

And check to see if your bleach has expired. Who knew it could? After about 9 months to a year, and if it smells less bleachy, it’s lost its disinfecting power. Time for a new jug.

Tip: Don’t mix bleach with anything other than water; otherwise, it could set off a dangerous chemical reaction. For instance, bleach + alcohol is a deadly combo.

How to disinfect your home if you don't have bleach? Regular old rubbing alcohol (isopropyl alcohol or ethyl alcohol) works, so long as it’s at least 70% alcohol, according to the CDC. The alcohol concentration will be listed on the bottle. Rubbing alcohol you buy should already be diluted, unlike bleach.

Is There a Such a Thing as Too Much Disinfectant?

According to an EPA fact sheet, studies have found that using some disinfectant products can cause germs to become resistant.

The EPA has issued a list of disinfectants on the market that it believes are effective in killing COVID-19. Look for the EPA registration number on the product and check it against this list to ensure you have a match.

Erica Marie Hartman, an environmental microbiologist at Northwestern University in Evanston, Ill., whose research focuses on resistance, confirms soap, bleach, and alcohol are your best bets.

What about the various disinfecting wipes on the market (at least if you can find them)? Hartman says the active ingredient in many of those is an ammonium compound, which could become resistant to viruses over time.

Surfaces That Need Your Attention

With your preferred disinfectant, wipe down high-touch surfaces like doorknobs, light switches, tables, remotes, banisters, toilets, sinks, and faucets daily or more often, if someone in your home is sick.

Contact time is another key aspect of surface sanitizing. "Disinfection isn't instantaneous," says Hartman. [For a bleach solution], you want to leave it on the surface for 10 minutes before wiping it off. " 

By the way, new research from scientists at the National Institutes of Health, among other agencies, shows that at least some coronavirus can live for up to 24 hours on cardboard and up to three days on plastic and stainless steel.

But a report in “The Washington Post” notes that the most likely period for infection from the virus on surfaces is in the first 10 minutes to one or two hours.

Not All Floors Can Handle Bleach

For your nonporous floors, like those in the bathroom, the CDC recommends mopping with the bleach solution. 

Avoid bleach on hardwood and other porous floors because of staining. Instead, use a disinfecting wet mop cloth without bleach.

Cleaning Isn’t Disinfecting

From the you-might-be-surprised files: Disinfecting with bleach isn’t actually cleaning. If you also need to clean your countertops of dirt and grime, do that first with soap and water. Then use the bleach solution or rubbing alcohol to combat the virus.

Killing Microbes on Clothes

Most washing machines today do a bang-up job on dirty clothes with cold water, which is best for energy savings. But, and especially if you have a sick person in your house, the hot-water setting followed by a high-heat dry for about a ½ hour to 45 minutes is best for virus eradication.

Don’t forget about your laundry hamper. Wipe it down like you would other surfaces. You can also use a reusable liner bag, which you can launder with the clothes.

What If I’m Selling My House, and Inviting More Germs In?

How to disinfect your home when it's for sale? Virtual showings and tours are the ideal, and your agent can set those up.

However, if there's a need to have someone come in, talk to your agent who will work with you to establish a hygienic protocol, including requiring visitors to wash hands with soap and water or use hand sanitizer when they arrive, and to remove shoes or wear booties before entering. Removing shoes not only reduces dirt coming in, but potentially germs.

In addition, many agents are eliminating open houses.

After any showings, practice your surface wipe-down routine.

Finally, when you work with disinfectants, practice some self care. "Alcohol and bleach can be very aggressive on your skin, so wearing rubber gloves can help protect your hands," Hartman says. 

Visit houselogic.com for more articles like this.

© Copyright 2020 NATIONAL ASSOCIATION OF REALTORS®