6 Things To Do Before Buying A Home

• Decide How Much Home You Can Afford

A good way to determine how much home you can afford is by multiplying your annual gross income by 2.5. However, this varies depending on current interest rates, your debt and credit history.

• Start Saving!!!

If you haven't saved money for a down payment, START! Although there are some Mortgage programs that allow for 0% down payment, generally you will need anywhere from 3% to 20% for down payment. Also keep in mind the lower your down payment, the higher loan amount you will need to qualify for, which means a higher monthly payment. 

• Make Your Home Wish List

Make a list of everything you would like in a Home. Then determine your Top 5 Must Haves and your Top 5 Wants, in order to help keep your home search on track.

• Decide Where You Want Live

Determine your Top 5 community priorities, i.e. schools, commute time, HOA, etc... This too will help keep your home search on track. 

• Consult with a Realtor

Schedule a Free Buyer Consultation with a Realtor. Your Realtor will explain the home buying process and any costs that may be involved, such as earnest money deposit, inspection costs, closing costs, etc.... Your Realtor will ask you what your wants and needs are in a home, give them a copy of the lists you have made. This will help them help you, and it will save you a lot of time! 

• Get Prequalified

If you are not prequalified your Realtor can recommend a lender to you, or you can go to your bank. Your credit can affect your ability to qualify for a mortgage and your mortgage rate, so make sure that you are aware of your current credit score and debt to income ratio.

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