4 Orlando Home Buying Steps

Dated: 09/13/2017

Views: 140

<a href='http://kevinjohnson.onebluerealestate.com/index.php?types[]=1&types[]=2&areas[]=city:Orlando&beds=0&baths=0&min=0&max=100000000&map=0&quick=1&submit=Search' title='Search Properties in Orlando'>Orlando</a> Home Buying Steps Real Estate Buy Sell



What a simpler world it would be if Orlando home buying could be reduced to anything like a simple 4-Step process. Even better if those were four easy steps. Actually, without actually coming out and saying so, that’s the tantalizing prospect hinted at on radio financial guru Dave Ramsey’s web site’s “Home Buying Process Made Easy. 

Ramsey is the likable media expert in household budgeting and financial planning. A good deal of his guidance could be summed up in just 2 steps:

1) get out of debt (except for mortgage debt) as soon as humanly possible; then, 

2) stay out.

Since that’s not bad advice, the promise of home buying in 4 steps seems almost reasonable. After all, his millions of listeners have undoubtedly benefitted greatly through the years (once they’ve figured out a way to act on the advice).

And in fact, his 4 easy home buying steps are actually not far off-target—although I think they’re out of order:

  1. Put your finances in order before home buying; IOW, know what you can afford.

  2. Do the cash flow math. Ramsey thinks your Orlando home’s monthly mortgage payments should be no more than a quarter of your net income.

  3. Get a home loan. Make this a 15-year fixed rate mortgage to minimize total interest paid.

  4. Find a good real estate agent to “help make sure you don’t pay too much” and deal with any “unexpected home buying hurdles.”

Realistically, Orlando home buying involves a bit more involvement than that. Also, Step 4 should actually come after Step 2, and Step 3 (getting a mortgage) should come after that—and after you and your good real estate agent have zeroed in on your target Orlando  home.

One more practical alteration: the 15-year mortgage structure automatically results in a higher monthly payment that, when combined with a 25% of net income budget cap, could yield an unrealistically limited budget target. Being financially conservative also means being realistic. A growing family, for instance, might find that they have wasted money if they have to move to a larger home after only a few years. 

That’s where your good real estate agent can save the day. Call me at any step in the process: I’ll be your sounding board on today’s practical short and long term Orlando home buying trade-offs! 

Want to Advertise on this Site?

Latest Blog Posts

Choosing Smart Improvements For Orlando Homes For Sale

For local homeowners whose Orlando homes will be up for sale in 2018, there’s bound to be some consternation regarding how much time, effort, and budget need be directed to the project. In

Read More

Top Dishes To Make For Christmas Dinner

Are you wondering what to make for Christmas Dinner? Do you need some up the top ideas for 2017 to make your Christmas Dinner even better... Check my top ideas below to help assist you with having

Read More

Why Is There So Much Paperwork Required To Get A Mortgage

Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires

Read More

Accomplishing Your New Years Resolution This Time

IT’S ALMOST THAT TIME AGAIN – NEW YEAR’S RESOLUTIONS. WILL THIS BE THE YEAR YOU ACTUALLY COMPLETE IT?Will you make all the way to December 31, 2018 or give up before January 31, 2018

Read More