Buyers face challenges in any market – and today’s is no different. With higher mortgage rates and rising prices, plus the limited supply of homes for sale, there’s a lot to consider.
Before making the decision to buy a home, it's important to plan for all the costs you’ll be responsible for. While you're busy saving for the down payment, don't forget you’ll want to prep for closing costs too.
Here’s some helpful information on what those costs are and how much you should budget for them.
A recent article from Bankrate explains:
On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024.
If you’re looking to buy a home this fall, there are a few things you need to know. Affordability is tight with today’s mortgage rates and rising home prices. At the same time, there’s a limited number of homes on the market right now and that’s creating some competition among buyers. But, if you’re strategic, there are ways to navigate these waters. The first thing you’ll want to do is get pre-approved for a mortgage. That way you’ll know your numbers and can set yourself up for success from the start of your home search.
If you are considering purchasing a home, THE MOST important first step is connecting with a reputable Lender and getting preapproved. Read on to find out more:
It is important, as a buyer in today's market, to understand what closing costs are comprised of and how much you may need to save, in addition to your down payment. The most important thing to note is that closing costs can differ between states and Loan programs which is why it is extremely important to reach out to your local Lender for advice. Contact me today for recommendations to Lenders in your area!
In talking to people about their home buying goals many say that, although they would love to buy their first home, they just don’t have enough money saved. But how much does one need to save in order to buy a home? There is a misconception out there that you need to have at least 20% of the purchase price saved for a down payment. And that does not even factor in the closing costs. With the price of today’s homes, that is an overwhelming amount of money for anyone! The good news is that with the variety of loan programs available now, you could get into a home with as little as 0-3.5%. You may be surprised to find out that you DO have enough money saved to purchase a home now.
I hear the same question from buyers over and over, “I want to buy a house but I don’t know where to start?” THE most important first step in buying a home is not to start looking at houses but to obtain a preapproval from a local lender. Without a preapproval, you have NO idea what your purchase power is and are not fully prepared to start making offers on homes that you may fall in love with. Do not put off this important step in the process!
I hear from so many clients that they are not ready to buy a home because they need to "save more money". My advice is always to contact a local Lender and find out what your options are. There are many loan programs that require very little money for down payment as well as programs that offer cash assistance to first time homebuyers who meet certain criteria. With so much available you may find that you are indeed ready to buy your first home!
You have obtained mortgage preapproval from your Lender and just gone under contract for the home of your dreams. Now all you need to do is wait until the closing! Sounds easy right? It can be, provided you do exactly what your Lender advises. Lenders will pull an update of your credit report days before your scheduled closing. They will also reach out to your employer to verify that you are still employed. Any changes you make to your credit or employment/income from preapproval until closing could have negative consequences and ultimately you could end up losing out on that dream home. Here are 6 things you should NOT do to ensure a successful closing.
| Older Posts |