Thinking of Buying a House? Here’s 5 Things You Can Do Now to Prepare Yourself
Are you looking into buying your first house? As this will probably be one of the largest purchases you ever make, preparation is key. You can never be too prepared when entering the world of real estate, and the following tips will help you now, so you are ready later.
Get Your Credit in Check
Your credit score will determine if you qualify for a mortgage, and if you do, what your interest rate will be. The higher your score, the lower your rate will be, so if you need to improve your credit score, get to it now. Doing so can potentially save you thousands of dollars in the future.
Determine Your Debt to Income Ratio
You never want to become “house poor,” where you can’t afford to live in the manner you are accustomed to after purchasing a home. Because of this, you need to find out your debt to income ratio to decide how much of a mortgage you can manage. This will then determine your budget.
Research First Time Homebuyer Assistance Programs
Depending on where you live, your city and state may offer some homebuyer assistance programs. These give you monetary help or tax credits as a way to promote home ownership, and can assist you in more ways than one.
Squirrel Away Cash for a Healthy Deposit
You will need to have liquid cash for an earnest deposit, no matter what type of property you choose. Typically, this ranges from 1% to 3% of the purchase price, so start saving now to be as prepared as can be.
Get in Touch With Us!
At 4809 Realty Group, we love first time homebuyers! We understand how overwhelming it can be when looking for your first house, and we are here to get you started. We’ll walk you through the process step by step, and won’t rest until you are in the home of your dreams! Contact us today.
