Home Buying Tips That can Save you Thousands in the Future!
Your Journey Team ( For real estate questions,or inquiries. Please call 502-523-5554/317-564-7100/ e: niki@yourjourneyteam.com or visit our website:www.yourjourneyteam.com
There is something nice with buying a home. It's like buying a new car and loving that new car smell! It's the same with buying a house. Something nice about that newly painted walls, that new neighborhood smell (you know what I mean), and that feeling of a new start! It's scary, we know it! It's the biggest purchase of your life and it's not like you are buying a shirt or a new car. It's an investment that you may profit in the future, a place you can feel safe and possibly a place where you can retire with your wife or husband. Knowing the basics will save you thousands of dollars in the future. Getting that much needed help will get you your dream home. Before making a huge decision to buy a home, clear your mind and clear the your visions of that perfect home temporarily. We have to focus on the basic things that you will need before purchasing and getting your dream home!
Buying a new home it's not always easy, here are the things you need to consider:
- Credit score. Before getting pre- approved for a loan, the bank will check on your credit score. There are 3 major companies that handles this Equifax, Experian, and TransUnion. Late payments can absolutely hurt your credit score.
- How much can you really afford? Mortgage payment is not the only payment you'll have to consider. There is this interest rate from the bank, property taxes and of course you closing cost which you will be needing to shell out money. It's best to check first how much you can actually afford before shopping for a bank with low interest rates. Click here, for a mortgage calculator.
- Save for the Closing cost/ down payment. You might not have this considered. Specially for first time buyers. Yes, you will be needing cash to pay for closing, cost, bank fees and down payment. It's nice to have a time frame before buying a property. It gives you the opportunity to save for your dream home.
- Build a savings account. One of the things that the bank will check your asset and income as well. It's better for them to see that you have the capability of paying and not living by pay check to pay to paycheck.
- Get pre - approved. Getting pre- qualification is easy. Sometimes, the amount stated in the pre-qualification may be higher. Also, pre- qualification is usually based in what you stated and the background check is not that extensive unlike with pre- approval. Once you are done with the process and got the pre- approval. You can now go house hunting and buy that new home.
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