While finding and buying a home can be exciting, it's definitely not always easy and can cause you to experience some stress. Although this is especially true for the first-time homebuyer, even a seasoned veteran of real estate can have difficulty with the entire process. To lessen the difficulty, it's a good idea to consider following some of these helpful tips.
Your first step should be to get your finances in order. Check your credit score and make sure it is a solid number. Anything about 700 or higher is very good for potential home buyers. Remember that the months preceding a home buy are not the time to start opening a bunch of credit card accounts or taking out loans for other items. The cleaner your finances look, the better chance you have of securing a good loan because you simply look like a better risk to a lender.
Don't set your budget too high, either. You really need to feel comfortable with that monthly mortgage payment. Many lenders won't approve you for a home loan if the mortgage payment is 30% or more of your monthly budget. It is also wise, especially for the first-time buyer, to get pre-approved as this make the buying process much easier. So visit a lender before you call up a realtor and start looking.
Of course, you also have a variety of mortgage choices to think about. Some have a fixed interest rate that will never change, such as 15-year fixed or a 30-year fixed. These are good, safe options for anyone who plans on living in the home for a long amount of time provided you get a good interest rate. Variable rates can cause your mortgage payment to fluctuate from year to year, but they are often much lower during that first year than a fixed rate. A hybrid rate is another option that means you will pay a fixed rate for 1, 3 or 5 years and then the rate will vary. Sometimes you can snag a great low rate and then refinance a few years down the road if the opportunity arises and you can fix the rate. These hybrid rates also can be good if you don't plan on making this purchase your forever home.
Before you begin searching for a home, write down a comprehensive list of what you want in your new home. Think about everything from location to the number of bathrooms and bedrooms you need, as well as the size of the yard and amenities. While you can't always get everything you want, prioritize your list so that the really important things are at the top.
If you are searching for Livermore real estate, San Ramon real estate, Pleasanton real estate or perhaps another area in Alameda or Contra Costa County, you will need to find a real estate company that specializes in properties in these areas, such as 1stInSite.com. They can help you buy or sell a home, as well as purchasing investment properties and commercial properties.
Your first step should be to get your finances in order. Check your credit score and make sure it is a solid number. Anything about 700 or higher is very good for potential home buyers. Remember that the months preceding a home buy are not the time to start opening a bunch of credit card accounts or taking out loans for other items. The cleaner your finances look, the better chance you have of securing a good loan because you simply look like a better risk to a lender.
Don't set your budget too high, either. You really need to feel comfortable with that monthly mortgage payment. Many lenders won't approve you for a home loan if the mortgage payment is 30% or more of your monthly budget. It is also wise, especially for the first-time buyer, to get pre-approved as this make the buying process much easier. So visit a lender before you call up a realtor and start looking.
Of course, you also have a variety of mortgage choices to think about. Some have a fixed interest rate that will never change, such as 15-year fixed or a 30-year fixed. These are good, safe options for anyone who plans on living in the home for a long amount of time provided you get a good interest rate. Variable rates can cause your mortgage payment to fluctuate from year to year, but they are often much lower during that first year than a fixed rate. A hybrid rate is another option that means you will pay a fixed rate for 1, 3 or 5 years and then the rate will vary. Sometimes you can snag a great low rate and then refinance a few years down the road if the opportunity arises and you can fix the rate. These hybrid rates also can be good if you don't plan on making this purchase your forever home.
Before you begin searching for a home, write down a comprehensive list of what you want in your new home. Think about everything from location to the number of bathrooms and bedrooms you need, as well as the size of the yard and amenities. While you can't always get everything you want, prioritize your list so that the really important things are at the top.
If you are searching for Livermore real estate, San Ramon real estate, Pleasanton real estate or perhaps another area in Alameda or Contra Costa County, you will need to find a real estate company that specializes in properties in these areas, such as 1stInSite.com. They can help you buy or sell a home, as well as purchasing investment properties and commercial properties.
About the Author:
Madeleine Glazier enjoys blogging about the real estate industry. If you are searching for Livermore real estate agents, or to discover Pleasanton CA real estate agents, please check out the 1stInsite.com website today.
0 التعليقات:
إرسال تعليق