Are you in debt?
- If you answered yes, then you fall into the 80% of Americans that are caught up in the chains of debt. Lowering your amount of debt can help you qualify for better interest rates along with opening up more options concerning purchase pricing. A few things you can do to lower your debt are work on creating a budget and sticking to it! Pay more than the minimum credit card payment, and focus on lowering your interest rates.
Do you have a steady, reliable, long-term job?
- When you have a steady, reliable, long-term job lenders can see a steady, reliable income. Lets be honest, would you loan money to someone you knew couldn't pay you back? No.
Do you plan to move cities in the next 5 years?
- Most mortgages are based on 30 years. The last thing you want to do is purchase a new home and then move, you will still be responsible for the mortgage.
Have you saved enough for a down payment?
- Down payments requirements vary by lender and your current credit score. Based on the National Association of Realtors 2019 study the average down payment was 12% and as low as 6% for first time home buyers. Keep in mind the more you place down the lower your monthly mortgage will be!
Can you afford a mortgage, taxes, utilities, insurance, and maintenance?
- When buying a house you never want to be "house poor", meaning all your income goes to your house payment. You still have other financial responsibilities such as utilities, taxes, insurance, and lets not forget everyday cost. No one wants to eat ramen seven days a week because that's all they can afford.
After reviewing these questions and you're satisfied with your responses then guess what, you're ready to buy a home! So now what? Well that's where PROACTIVE Real Estate can help! We will help you find a home and walk you through the entire process. Call us today at 910-842-1616 and get started!