Buying A Home Is A Huge Decision And An Opportunity To Put Down Roots, And Build Equity By Tricia Tialdo, REALTOR, Broker, Strano & Associates
So how do you get ahead in today’s highly competitive market where multiple offers are normal and bidding wars are commonplace? The key is preparation. Here are some steps to help you prepare to buy a house: 1. Check your credit. Your credit will determine whether you are eligible for a mortgage and it influences your mortgage rate. The higher your score, the lower your rate. Free copies from each of the three major bureaus are available at AnnualCreditReport.com. 2. Determine how much house you can afford. Lenders use debt-to-income ratios to qualify borrowers but you need to create a personal budget to decide how much you will be comfortable spending on a mortgage payment. 3. Consult with a lender. In today’s housing market, the seller wants to have confidence that you will be able to purchase the house if you make an offer. That comes with providing a pre-approval letter. A mortgage professional can pull your credit report, decide on a pre-approval amount and help you choose a loan program that is right for you. 4. Save cash for a down payment and other expenses. It is important not to overlook the additional cash requirements – in
addition to the down payment – that are included in the home buying plans. These will include closing costs, prepaid expenses, utility adjustments and cash reserves. 5. Determine costs of homeownership. In addition to the monthly mortgage payment, other expenses that can be incurred by a homeowner are maintenance, upkeep and replacement of equipment and appliances, utilities and homeowner association fees. While you are in the process of buying a home, please do not change jobs, open new accounts, make any large purchases or move banks. Any significant changes in your credit report can impede your loan approval at any time. Like any big project, it is all about getting the details right from start to finish. The same is true for a successful home buying experience. Get everything together before you start house hunting.
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Marketplace Magazine | Summer Issue 2021 | marketplacemagazineonline.com | 11
