Home ownership is one of the most exciting times in most peoples lives. It is often the result of hard work, sacrifice and commitment. It is also one of the most expensive purchases and investments that most people will make. Obviously, this is a decision that you want to make after you are sure you are ready for home ownership. So, what does “ready” mean exactly? It is important that you contact a real estate agent to help you know what steps you need to take. Even before you contact a real estate professional you can get “ready” by considering the following:
Do you currently have any money saved for a down payment?
This all depends on the price of the home, your loan interest rate and your lender.
Consider putting savings in a different account than your regular checking.
Do you have any debt that you can pay down such as credit cards or school loans?
Check with a qualified loan specialist who can help you with this question.
How long have you been at your current job?
Most lenders prefer over 6 months to 1 year. Check with a qualified loan specialist who can help you with this question.
Have you talked to any housing counseling agencies?
Housing counselors can be very helpful, especially for first-time home buyers. The U.S. Department of Housing and Urban Development or (HUD) supports housing counseling agencies throughout the country that can provide free or low-cost advice. You can find HUD-approved housing counselor at http://www.consumerfinance.gov/find-a-housing-counselor/ or by calling toll-free at 800-569-4287.
Consider “what you can afford”, it’s not just your monthly payments!
It is important to be realistic on how much you can afford in a new home. Taxes and interest rate (depending on type of loan) can change in the future. Utilities, HOA dues, taxes, repairs and routine maintenance need to be considered.
If you would like more information on the advantages of home ownership, please contact the Dream Key Real Estate Team!
W. Cavin Weber
www.dreamkeyrealestate.com
512-300-4568
dreamkey@kw.com
Dream Key Real Estate 