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Are you ready to Buy?
One of the first things I try to get a buyer or buyer’s to do is figure out how much they can safely afford when purchasing a home. For a first time buyer or a person who has bought many houses it is important to understand your financial situation so you have a clear understanding what markets or price range you should be looking in. 1. Get a clear picture of what financial resource you have for a down payment on a home. You might have zero money to put down on a house but have a good income that allows you to do 100% finance. Which leads me to number 2 2. Interview a few lenders to see what the market has to offer as far as lending. This is the best place to get educated on the possibilities you might have in purchasing a home. Do not let anyone run a credit check unless you are ready to do business with that lender. Credit checks usually cost money and reduce your score every time one is run. I like to interview a couple of lenders to find someone that you are comfortable to work with. 3. Keep in mind all the cost involved when buying a new home. Down payment, closing cost for escrow, closing cost for borrowing money, new property taxes based on a percentage of the purchase price, homeowners insurance, utilities and maintenance. By taken the time to get your numbers straight, you get a better idea of what price range of home you should be looking at. This saves a lot of time for you and buyers agent. It also reduces stress because you know for sure that buying a home is a possibility and that you can comfortably afford it.
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