The Finance Blogger

We received the following question and information from a reader and will answer his questions in our next post. If you have questions please leave a comment and we will try to answer them. They are first time home buyers and have completed a number of steps towards purchasing a home, but want to know if there is anything else that they should be doing when they purchase their home. We will try to answer their questions on the next post.

First Time Buyer Mortgage

Question to Debt Counselor::

My wife and I are potential first time buyers of a home. We have been looking at houses for the past 6 months and finally have found one that we think we can afford and also like. This is a really big step for us to be buying a home and becoming first time buyers with a mortgage.

We are currently renting an apartment and are anxious to move out to our own home. Our plan is to have a family soon and also build up equity in a home that we can call our own. We both work and we have an excellent credit rating. What we are concerned about is that we want to make sure that we do not overstep ourselves and take on a mortgage that is too large for us.

Do you currently have a mortgage? ::No, we currently rent

Home/Mortgage Loan Amount ::$100,000

Other Loans, Including Credit Cards:: None, we have no other debts at all

Are you employed and for how long:: We both have good jobs which we have been at for several years.

Your credit rating to be – excellent, fair, or bad? :: Excellent

Gross Amount Per Paycheck ::$3000 every two weeks, combined income.

Do you agree to have this information published online, without your PRIVATE information of course? :: sure why not?

Extra information here please (some detail)::

Our combined income is $3000 every two weeks, which is pretty good money. We have done a budget and think that we have enough to be able to afford this home with the taxes, the utility costs and the upkeep costs that we know will be needed. We have also had an inspection completed on the home we are considering purchasing and there are no major issues that we need to be concerned about in the near future. The roof, the furnace and the appliances should all last more than 10 years based on their current age.

Please advise whether there is anything else that we should consider before we proceed? This is a first time buyer mortgage application.

If you have a question about debt, loans , mortgages or other financial situations, please feel free to leave a comment with as much detail about your situation as you can. We will try to answer your question in our next post. For more information about new mortgages, click here.

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