Offered by Arlene Castro, iGo Realty
If buying a home is in your future, here are 5 tips that will help make it a more rewarding experience:
- The market has changed over the years, but one old rule still applies: The higher your credit score, the lower your down payment and monthly payments. For example, a score 700 to 720 will get you a good deal, but 750 and above will give you even a better rate. So check your credit report to avoid being unfairly penalized for debts that are settled, or not even yours.
- Knowing what you can afford before looking at houses will save you precious time that can be spent focused on more appropriate properties. However, getting pre-approved for a loan is even better because any purchase offer you make will carry more weight with the sellers in this competitive market.
- Build a nest egg that is over and above the down-payment. Lenders will want to see that you’re not living paycheck to paycheck, and some lenders may give you a little leeway on other factors if they see you have saved a cash cushion.
- Buyers typically need to save enough to put anywhere from 3.5% to 20% down, unless you’re financing with a VA loan. You’ll need money for reserves and closing costs. It’s possible to negotiate with the seller to pay a portion of the closing costs or that you may qualify for some level of financial assistance. This is where a sharp real estate professional can help advise you.
- Buying a home is a big decision and one that you’ll most likely live with for years to come. So make certain the house is perfect for you. Analyze your needs and the families needs and anticipate future lifestyle changes you may experience.
Whether you’re ready to start your search now or simply have questions, let’s talk. Call iGo Realty today for FREE information (303) 857-5056.
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