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Sometimes getting ready to buy a home feels stressful. But it doesn't have to be when you take clear steps to get financially ready for the exciting world of homeownership. Here are a few quick items to consider before stepping into your new home.
Depending on the type of home loan you get, having a down payment of at least 20% can save you thousands to 10's of thousands. It's more than it might appear on paper. You save on:
You also build equity faster, so you're in a better financial situation overall.
Ideally, your mortgage payment should not be more than 25-30% of your gross monthly income. If you need assistance figuring out what that may look like or how to get a loan that works for you, contact a financial specialist. You want to make sure all of your financial affairs are in order before starting the home buying process.
You can pull all of your credit reports for free through annualcreditreport.com. Even though this isn't a dot gov site, the US federal government set this site up to provide this free access. You can verify this on the Federal Trade Commission (FTC) sits, which is a dot gov site.
Pulling these will allow you to resolve any discrepancies and understand how good your credit report appears to lenders. The better your credit, the better terms you may qualify for.
Depending on your current financial and personal situation, you may qualify for a:
Whether you currently own a home and want to move or are buying your first home, it's critical to take steps to secure your financial future. When you do, you can love the new home you move into, no regrets, just great times with family, friends and loved ones.
Degrees: BS Engineering, MBA Finance, Juris Doctor.
I'm named by Boston Magazine as Top Real Estate Agent, and RealTrends ranking of #125#125 of all MA Agents (see https://youtu.be/LdZw5E6WeFM). Please feel free to reach out for a consultation, and here is a direct link to my schedule for a 1-1 video conference call: https://meetfox.com/en/e/mac
Feel free to check out my new Relocation and Remote Work blog at https://www.relo.ai - I can refer you and your friends to any location Worldwide.
Massachusetts Institute of Technology (MIT Sloan), MBA - Finance
University of Colorado - BS Electrical Engineering
Purdue Global - Concord Law School, Juris Doctor