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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.
As a Fairfield resident with a family commuting daily on Metro North, and our children graduating from Fairfield public schools, I look forward to sharing many of the great attractions in a wonderful community and county! Over the past 18 years with Berkshire Hathaway Home Services New England Properties, I have helped hundreds of buyers and sellers compete their home search and close on the sale of their property. As a Certified Relocation Specialist, my production results rank in the top 4% nationally while delivering exceptional customer service to my clients and their welcomed referrals. Real Estate is one of the most exciting investments you can make. It should be a fun and rewarding experience. Confident with your home marketing decisions and comfortable with the home marketing process is my commitment to you! I am excited to share several new marketing strategies successfully implemented in Southern Fairfield County! Regardless if you are looking to buy, or about to list your current home, you will soon BE AT HOME when working with Carol! *Connecticut Magazine 2022 Award Winner- 12th consecutive year scoring highest in overall customer satisfaction.