Important Home Buying Tips
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1- Run the numbers. Just because it may be a buyers market, does not mean it is a good time for YOU to buy. Look over your finances and expenses to determine if you can really afford to buy. Your monthly payout for housing expenses may increase some due to home ownership.
2- Save 20% for a down payment. If you can do this it will lower the amount you are financing, lower your mortgage payment, eliminate PMI. With the prices of homes these days, not everyone can afford to do this. But if you can, it is a good idea. 3- Organize your documents. Your Loan Officer is going to ask for all pages of recent tax returns, banking accounts, retirement accounts, pay stubs, employment history, W2's, 1099's, and copies of drivers licenses and social security cards. Having this in advance will speed up the process and make things much easier. 4- Figure out your down payment. Do you have any money saved up for a down payment on a home? Do you know how much down you will need? Do you qualify for down payment assistance? Contact a Loan Officer and they will help you. 5- Take your time. If you begin feeling rushed put on the brakes and slow it down. The home buying process is not one you should rush through. |