What should I know when you buy a House?
Buying a House is a great achievement. But unfortunately it
has increasingly difficult for many middle class families, afford a flat of
their own. Home ownership is still reachable. The key is to know what to
expect, and plan ahead for one of the biggest purchase of your life.
1. Know your credit score. There used to be a time when
borrowers could get approved for a mortgage loan with bad credit. Those days
are over, and lenders require credit now accepted. Before applying for a home
loan, order a copy of your credit report (see resources). Closely examine the
contents and look for errors and everything that potentially can lower your
score. Try to reduce your debt, and maintain a good payment history.
2. for upfront costs. Although may be able to buy off,
lenders in advance to pay other fees such as earnest money, require a home with
no money inspection fee, application fee and billing costs. You can record the
settlement fees in the mortgage loan. However, this increases the amount of
money you want to borrow.
3. Preliminary approved get before you begin your search.
There is nothing worse than falling in love with you cannot afford a House.
Instead of finding a home, and you then look for a loan, get pre-approval
before the search begins. In this way, you know exactly what you can afford.
Pre-approval is different than a prequalification. With a prior authorization
by the mortgage company all documentation (tax returns, paycheck of stubs and
credit report), and to determine an affordable loan amount.
4. Learn more about various mortgage loans. Although some
mortgage companies of push further subprime, only interest, and variable-rate
loans, this mortgage are extremely risky options. Instead, you look for a fixed
rate home loans. With a fixed interest rate never changes the interest rate and
your monthly payments for the term of the loan will be the same.
5. Select a good real estate agent. A good real estate agent
is attentive and provides for properties with your 'wish list'. And what is
even more important, it will not convince you, in an attempt to buy his
Commission a more expensive House. The real estate agent communicates with the
seller and handles the paperwork (offer and counter-offer).
6. Get a home inspection. Lenders of require no home
inspection. Smart buyers know the importance. Once you sign the loan papers,
the property is officially sell. In return, you will be responsible for smaller
or larger repairs. Home inspectors thoroughly go through the House and check
the electrical wires, plumbing, Windows, appliances, roof and more.
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