|
|
|
|
Buying Home Purchasing Dream House
   
1. HOW DO I KNOW IF I'M READY TO BUY A HOME
You can find out by asking yourself some questions:
Do I have a steady source of income (usually a job) Have I been employed on a regular basis for the last 2-3 years Is my current income reliable
Do I have a good record of paying my bills
Do I have few outstanding long-term debts, like car payments
Do I have money saved for a down payment
Do I have the ability to pay a mortgage every month, plus additional costs
If you can answer "yes" to these questions, you are probably ready to buy your own home.
2. HOW DO I BEGIN THE PROCESS OF BUYING A HOME
Start by thinking about your situation. Are you ready to buy a home How much can you afford in a monthly mortgage payment (see Question 4 for help) How much space do you need What areas of town do you like After you answer these questions, make a "To Do" list and start doing casual research. Talk to friends and family, drive through neighborhoods, and look in the "Homes" section of the newspaper.
3. HOW DOES PURCHASING A HOME COMPARE WITH RENTING
The two don't really compare at all. The one advantage of renting is being generally free of most maintenance responsibilities. But by renting, you lose the chance to build equity, take advantage of tax benefits, and protect yourself against rent increases. Also, you may not be free to decorate without permission and may be at the mercy of the landlord for housing.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial. But given the freedom, stability, and security of owning your own home, they are worth it.
4. HOW DOES THE LENDER DECIDE THE MAXIMUM LOAN AMOUNT THAT CAN AFFORD
The lender considers your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include such long-term debts as car or student loan payments, alimony, or child support. According to the FHA,monthly mortgage payments should be no more than 29% of gross income, while the mortgage payment, combined with non-housing expenses, 4 should total no more than 41% of income. The lender also considers cash available for down payment and closing costs, credit history, etc. when determining your maximum loan amount.
5. HOW DO I SELECT THE RIGHT REAL ESTATE AGENT
Start by asking family and friends if they can recommend an agent. Compile a list of several agents and talk to each before choosing one. Look for an agent who listens well and understands your needs, and whose judgment you trust. The ideal agent knows the local area well and has resources and contacts to help you in your search. Overall, you want to choose an agent that makes you feel comfortable and can provide all the knowledge and services you need.
|
Housing starts rise 28 percentSan Antonio ExpressWith bank lending stuck in Scrooge mode and uncertainty lingering in the economy, San Antonio home builders aren't yet ... |
Google News
Common Misspellings include addtional affort, efford againnst, agains, agaisnt, aganist, agianst, aginst alsot, aslo ammount adn, anbd assit availaible, availble, availiable, availible, avalable, avaliable, avilable bedore, befoer, befor beggin beng benifits bu confortable comparision conciders deside determinining doens doign, donig eahc ect eveyr fiel finacial fidn firends generaly ahev, ahve, haev, hvae, hvea halp hstory includ insurence knwo,konw, kwno, nkow, nkwo knowledg, knowlege knwos, konws lastr, lsat liek, liuke lone maintainance, maintainence, maintance, maintenence amke, mkae, mkea makse, mkaes moeny mounth moreso, mroe, omre morage, morgage, morgtage, morgate, mortage ened nto, onot pwn premission probablly, probaly, probly, probly, prolly, prolly proccess, proces puchasing rela erally, raelly, realy, realyl, relaly recomend, reccomend, reccommend recrod, rocord regluar reasearch responibilities, responsibilites seach severeal shoudl, shoudln, sould smoe, soem spoace stablility strat substancial, substatial wupport tkae tahn, thna taht, tath, thast, thgat, thta, thyat hten, tghe, ther, thge, tjhe theese htey, tehy, tyhe thikning throught, thru twon tust twpo usally, usualy ususally wanna, watn, whant, wnat vell waht, whta wehn, whn hwihc, whcih, whic, whihc, whlch, wich hwile eyars, eyasr, yeasr, yeras, yersa youself
Become a Real Estate Agent Selling your House Buying A Home Getting a Home Loan home rebuilding cost calculator free calculator for shingles inflation caculators
|
|
|
|
