ARE YOU READY TO BUY? Do You Know What You Want? Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them us. It will help us understand how we can best help you.
Do You Have The Money? Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require only a 5 to 10 percent down payment. In addition to a down payment, you also need cash for closing costs (the final costs associated with closing the loan).
Keep in mind that the less you put down the higher your monthly mortgage payments will be. So most homebuyers choose to buy with some cash up front.
Is Your Financial House in Order? To obtain the best financing you need good credit plus fanancial stability. For at least one year prior to purchasing a home, you should ensure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
Just getting started? Give us a call. We will be glad to answer any questions.
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