Waukesha County Home

By Sara Rae Lancaster SPECIAL TO HOMES PLUS Buying your first home is an exciting experience. But it can also be stressful. Especially if you don't know what to expect or enter the market unprepared. Local home experts share their tips for making your search for home sweet home memorable for all the right reasons. 1. Determine how much home you can really afford. The first step many people take when beginning the home buying process is getting preapproved for a mortgage. But often the pre- approval amount and what you can really afford to pay for your new home don't always match up. "First-time home buyers will often say, 'I'm pre approved up to $200,000,' but when we write out the offer, they are usually sur- prised by the monthly payment and don't want to pay that much," said Brooke Sanders, a real estate agent with Shorewest Realtors in Elmbrook and Wauwatosa. She suggested first-time buyers deter mine what monthly pay- ment range they would feel com- fortable paying and go from there. Said Sanders, "They should tell their lender, 'I'm approved up to this amount, but I want my pay- ment to be between these two numbers. What home prices should I be looking at?'" Keep in mind interest rates, the down payment amount, insur- ance costs and whether private mortgage insurance will be added will all affect the total amount of the monthly payment. 2. Take into account addi- tional costs. Saving for a down payment is one thing, but don't forget to budget and save for other inci- dentals like a home inspection and closing costs. In most states, a home contin- gency inspection is part of the offer to purchase contract. That means the buyer may cancel the sale or negotiate any necessary repairs based on the inspection report. A home inspection can also give potential buyers an idea of how much maintenance a home will require. "In my opinion, picking a good home inspector is just as impor- tant as picking a good realtor," said Bill Oliver, a certified home inspector and owner of Dream Catcher Home Inspections Ser- vices, LLC. A good home inspector will encourage rookie homebuyers to come to the inspection with a list C O N T E N T S Plant garlic bulbs in fall for a bigger harvest next summer Floored over tips for flooring High school trigonometry helps when it comes to awnings Designed to age in place Your Guide to Homes, Home Improvement, Lawn & Garden and MORE! A publication of the Waukesha Freeman and Oconomowoc Enterprise • September 2015 HOMES HOMES WAUKESHA + So you're ready to buy your first house? Here's some advice before you go shopping or celebrating Creative Outlet Buying your first home is a time for celebration. Before you leap, consider factors like how much home you can afford. It isn't necessarily the amount you are preapproved for. See FIRST HOME/Page 9 A GREAT RATE TO MAKE YOUR HOME YOUR OWN. Home Equity Line of Credit as low as 3.75 % APR * Variable Rate* Not a Teaser Rate, No Closing Costs or Gimmicks! *Annual Percentage Rate (APR) is variable and will adjust according to the U.S. Prime Rate (as published in the Wall Street Journal) + 0% with a minimum APR of 3.75% and a maximum APR of 18.00%. A loan commitment fee of $ 36 with autopay or $ 50 without autopay is waived for the first year. An early termination fee of $300 may be assessed if the home line is terminated within the first 3 years. There will be no fees imposed to open the new home line. Property insurance will be required. This special offer is valid only for new home lines of $ 25,000 - $ 250,000, or existing home lines with an increase of $ 25,000 or more, with a loan-to-value (LTV) not exceeding 80% and subject to credit approval. Other financing options may be available to customers that do not meet the terms of this special offer, including LTV ratios as high as 105%. The interest on the portion of the credit extension that is greater than the fair market value of the dwelling is not tax deductible for Federal income tax purposes. Consult a tax advisor for further information regarding the deductibility of interest and charges. Other conditions or restrictions may apply. Member FDIC.

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