Buying your first home is a decision that can be overwhelming if you don't know where to start. One of our primary objectives at Everest is to develop a set of resources that will help you Get Moving and purchase that first new home. A good way to start the process is to sit down and do a self-assessment to answer some basic questions:

How much can I afford?

• What is my budget - after all my bills are paid what is left for a mortgage payment?
• How much do I feel comfortable spending each month on housing?
• Have I considered property taxes, private mortgage insurance, homeowners insurance and maintenance costs?
• Check out the Realtor.com Home Affordability Calculator for more information

Does homeownership fit my lifestyle?

• Am I prepared to cut the lawn, shovel snow and maintain my property?
• Do I want to consider a condo instead of a single or multi-family home?
• Would I want to buy a duplex and be a landlord?
• Do I have enough savings for unexpected repairs and maintenance?

Where do I want to live and how much does it cost to live there?

• What am I looking for in a neighborhood?
• What do friends, family and co-workers know about the area?
• Are there comparable neighborhoods that better suit my budget?

Once you've given some thought to what your looking for it's a good idea to review your credit score and get pre-approved for a mortgage.

Credit Report

In order to crack down on misleading advertising, the Federal Trade Commission is requiring companies offering "free credit reports" to state clearly that there's only one authorized site to get them: AnnualCreditReport.com

This central site allows you to request a free credit file disclosure, commonly called a credit report, once every 12 months from each of the nationwide consumer credit reporting companies: Equifax, Experian and TransUnion.

Pre-approval checklist:

Below is a list of items Wells Fargo requires for pre-approvals, mortgage and refinancing applications (Please consult your lender for their specific requirements).

Preapproval borrowers should have:

• Social Security Number
• Date of Birth
• Email address
• Home phone number
• Current address
• Previous address if you've been in your current residence for less than two years.
• Name and address of your employer
• Name and address of your previous employer if you've been at your current job for less than two years.
• Gross income amount, including secondary income sources, if applicable (Alimony, child support, or separate maintenance agreements need not be revealed if you do not wish to have that income considered).
• Asset information, including the value of your banking, investment, retirement and other accounts
• Current expenses, including housing, credit card and loan payments, child support, and other obligations.
• Current obligations
• Current market value of your primary residence, if you own it.

Purchase borrowers also should have:

• Estimated down payment amount
• Year home was built
• Estimated purchase price
• Address of property you're purchasing
• Estimates of annual property tax, hazard insurance, and any homeowner association dues on the new property.
• Preapproval borrowers can supply this information soon after a purchase contract is signed.

Loan Resources

Center for Responsible Lending
www.responsiblelending.org

Department of Housing and Urban Development (HUD)
www.hud.gov

Federal Housing Administration (FHA)
www.fhaoutreach.gov/FHAFAQ/

Wisconsin Housing and Economic Development Authority (WHEDA)
www.wheda.com/root/WeAreBack/

Next Steps?

• Contact Everest to schedule a time to meet, discuss your goals and answer any questions you may have
• Based on your feedback we will then provide you a customized search for your review
• Once you've decided which properties you would like to see we will schedule and provide a showing
• When you've found the house that best suits your needs we will draft the offer to purchase, handle all negotiations, and guide you through the process to close!

In the coming months we will be creating Get Moving Guides to help answer some of the most frequently asked questions first-time homebuyers have.

Please bookmark us, connect with us on Twitter and Facebook and send us any questions you may have.