We've outlined a 6 Step Process to Financing your new home on our Buying a Home in Las Cruces website. 

This morning we want to talk about Step 1 in that process: Determine How Much You Can Afford

You should not even begin the Home Buying Process until you determine
•Is it better for YOU to Rent or Buy?
•Have you considered the Pros vs. the Cons of Homeownership?
•Can you afford to be a Homeowner?

If being a Home Owner is still right for you, now, you can you take the first step in the Financing Process:

Determine What Price Home Can You Afford to Buy?

Knowing what you can afford will save you a lot of time and frustration because you can limit your search to homes thatare appropriate for you, and then and then when you make an offer you know that you probably qualify to buy that home.

The Evelyn Bruder Dream Team Buyer's Agent will assist you in setting up meeting with lenders, in person or online. We will do this as soon as possible.

The amount that you are "qualified to borrow," or getting Pre- Qualified does not obligate you to any particular lender, but it will allow you to determine:

•What price home you can you afford.
•How much of a Mortgage you will qualify for.
•What will your Monthly Payment Be?

The Evelyn Bruder Buyer's Agent knows the main factors that determine the amout of loan you qualify for are your credit score, current salary, employment history, and current debt. We will provide you with an "Affordability Calculator." Using this, you can get an idea of what price home you are qualified to buy even before visiting Lenders .

Your Lender will do similar calculations base on the information you provide, and then give you a "Pre-Qualification Letter" stating that you should qualify to borrow this amount of money for your home purchase.

Your Buyer's Agent Realtor, as your trusted advisor and counselor will tell you that Lenders often qualify a homebuyer for a loan amount that exceeds what you really can afford. Together you should determine if you really should borrow that much. Willyou have extra money left, or will you be "house poor"? You and your Realtor can decide the actual amount you want to borrow. Remember that you can always borrow less than you qualify for.

Congratulations! You have completed Step 1 of the Financing Process

Next week we will continue our introduction of these remaining steps in the financing process. If you'd like to read all 6 steps right now, visit our Buying a Home in Las Cruces website.

It is important to note that the financing process is an essential part of the home buying process and you should be following these steps at the same time that you are home hunting. It is only when these two come together at the end that your home purchase is successful and hassle free