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Getting Started: Understand the Numbers

Understanding Mortgage, Escrow & Additional Costs

What to Buy & Where to Live

Find Your New Home

Know the Market

Understanding the Contract

Make an Offer

After Your Offer is Accepted

About Closing Costs & Title Insurance

Moving Guide


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VIP Home Buying Guide & Resources

Getting Started Buying a Home in Indiana: Understand the Numbers - Mortgage, Down Payment, Points, Closing Costs, Moving Costs, Affordability Calculator


Once you've decided to buy a home in Central Indiana, the first thing you need to do is consider how much you can afford to pay for your new home. We provide links, below, to Calculation Tools to help you determine a financial starting point.

 

Getting Started in Indiana: "Understand the Numbers"

Besides a basic mortgage, getting into a home will usually take some upfront money, the amount of which can vary depending on your financing decisions. It's a good idea to know what these other costs might entail, and what out-of-pocket expenses you can afford, including:

  • Down payment
  • Points
  • Closing costs
  • And don't forget, Moving Costs!

 

Determine What You Can Afford for Your New Home in Central Indiana

Whenever making a major purchasing decision, it's important to have as much information as possible before getting too far into the process. It's a waste of your time to shop for a Cadillac CTS if you can only afford a Honda Civic.

Before beginning to look for a new home in Central Indiana, you should calculate how much house you can afford. This will help determine what type of home to buy and where to begin looking. You can make a preliminary assessment by using these Affordability Calculators:

For a comparison of affordability results, you can also use these Affordability Calculators from Fannie Mae:
(open in new windows)


Please note that these calculations do not consider the true cost of a mortgage, which includes additional monthly costs for escrow and other related fees. For more information. read Understanding Mortgage, Escrow & Additional Costs.

Once you've determined what you can afford, its a good idea to look into pre-qualifying for a loan. Pre-qualification will give you a better idea of how much you will be able to borrow, giving you a starting point for your home search. Pre-qualification also tells sellers that you are a serious potential buyer.


Learn As Much As Possible About the Home Buying Experience

These resources provide valuable information to help you with your home-buying experience. The more you know before you buy a home, the happier you will be after you move in.


the ABC's of Real Estate - a consumer information web site loaded with real estate information and tools, located at www.realestateabc.com
IndianaConsumer.com is the Hoosier state's one-stop resource for consumer information and education brought to you by the Indiana Attorney General's Consumer Protection Division.
Builder's Association of Greater Indianapolis - Quality Assurance Builder Standards provides new homebuyers and remodeling homeowners with a way to measure the quality of the project against an industry approved set of standards.
Office of Consumer Protection - The Federal Trade Commission (FTC) provides publications with advice on avoiding scams and rip-offs, as well as tips on other consumer topics..
Consumer.gov is your resource for consumer information from the federal government, such as emergency contact numbers, home energy tips, and many links about buying real estate and mortgages from HUD and FDIC.
Federal Citizen Information Center (FCIC) - U.S. General Services Administration provides many publications about financing housing and home maintenance.

 

For more information about how VIP Realty can help you buy a home in Central Indiana, call Tammy Bookout at (317) 345 - 8269 or toll-free at 888-VIP-0002 (888-847-0002), or send Tammy an e-mail, or submit the Request for Information form below.

 

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VIP Realty Company, LLC      8221 Lakeshore Trail W Dr, #2514      Indianapolis, Indiana 46250
Phone 317-345-8269      Toll-Free 888-VIP-0002 or 888-847-0002      Fax 317-842-4385      tammy@viprealtycompany.com

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