When working with first time home buyers, I advise my clients if it is a good time financially for them to buy a home. I always recommend for them to get pre-approved for a loan prior to our home search to save both of us time. If they are not pre-approved, there are questions that need to be asked and thought about.
- Do they have a steady source of income? Have they been employed at the same job for the past 2-3 years?
- Do they have a good record of paying bills?
- Do they have few outstanding debts such as car payments?
- Have they saved money for a down payment?
- Do they have the ability to pay a monthly mortgage payment plus cover operating costs?
If the answers are yes, then the client is probably ready to buy a home. Interest rates are low right now and would be an ideal time for a first time home buyer.
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For more information on homes for sale in Louisville, contact the Jimmy Welch Team.
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