Five Questions You Should Ask Before Buying Your House
For the majority of us, buying a home is the largest financial decision that we will make. It is wise to take many different factors into consideration when buying a home and carefully make the home buying decision. Below are a few questions potential home buyers should ask before taking the plunge into home ownership:
Before you even ask these questions, consider other things that may be useful for the house. If the home that you purchase is in a home that is close to a neighborhood with a high burglary rate,you might want to negotiate for a lower rate. If you can get a lower rate, you should consider a DIY Home Security kit which is affordable and self-installed.
1. Are my Personal Finances in Order
Seeing a house that is in your price range does not necessarily mean that you can afford the home or that the seller will actually sell it to you. Take a closer look at the mortgage and make sure that you can afford it. Check what mortgage rate you are able to cover each month. This helps to should someone you have the means to actually buy the house. Be certain that your credit is solid. If you have shaky credit, it will be tougher for you to be able to purchase the home you really want.
2. What is My Price Range?
You need to really look into your budget from month to month. THis can help you buy a new home that is in your price range. Take a gander at your credit score and take a look at what your take home pay is over the last few months. There are many different costs you would be surprised that you did not have before. My grandpa once told me, “You don’t own a home for nothing”. He is right. Things break. Grass dies. Don’t be surprised if things need to be repaired or replaced.
3. Should I get a 15 Year or a 30 year loan?
This really depends on you. With interest rates historically low, I chose to get a 30 year loan due to the fact that it wasn’t saving much to go with the 15 year loan. That is just my personal opinion. Find yourself a loan officer who can walk you through the different options and terms. THis process can be a real pain in the neck if you don’t know what you are doing and finding the right loan officer is very important.
4. What are the Closing Costs?
Just when you think you have paid all you need to pay for your home there are additional costs to close on a home. These fees might be for a real estate agent, inspection bills, insurance, lawyer charges, etc. These are generally calculated at the end of a purchase. How much you're willing to spend on a down payment also depends on whether or not you need to get mortgage insurance. If you plan to pay under 20%, you'll need to pay for mortgage insurance.
5.How Much Should I offer?
That is where things become interesting. If you do not offer a sensible amount, then it might be offered to some other individual. But, you might also end up searching to get a home that does not really cost a good deal. You also ought to take in long term and short-term expenses. If a house prices a lot but what has lately been replaced, it may not be advisable to decide on the higher deal. A less costly house could be well in your price range but when it's a great deal of hidden issues which weren't shown in the negotiation process, you might end up paying for further down the street.
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