Owning a home is the apex of every person’s dream. It symbolizes stability on one’s finances. But making that dream become a reality is not easy. There are a lot of aspects to consider in buying a home. And the question is, How much can you afford? To know the answer to that is to consider your income, credit rating, current monthly expenses, possible downpayment and interest rate. The whole process of buying a home is tedious and an exhausting experience, but with the help of real estate experts, mortgage professionals and some useful tips, you can own a beautiful but affordable home of your dreams.
At the height of the economy, a lot of Americans owned their home. But after the recession hit worldwide market including right here in Georgia, many homeowners lost their homes. One of the root causes of the housing crisis was due to bad mortgages. Many of these homeowners have submitted themselves to flexible interest rates under the impression that they would be able to sell their homes before the rates jumped higher. Many among these homebuyers suffered from predatory lenders who persuaded them to sign into subprime loans with penal terms.
As a homebuyer who wishes to get a new home, these analysis aren't meant to scare you, but purely to inform you of how important it is to fully understand the terms in buying a home. These will also help you choose a home that you can genuinely afford. Buying a home is a momentous occasion full of joy and achievement. Compared to buying a car, to buy a home is one of the most important and biggest investments in life. When you choose to buy a Mansion with high ceilinged windows, you may try and reconsider your choice and ask again, Can I afford it?
Here are some basic steps to check if you are financially ready to buy a new home and to determine whether how much you can afford to buy:
1. INCREASE YOUR CREDIT SCORE – The importance of having good credit is a fact of life. Banks and Lending Companies decide whether to lend you or not and on which interest rate will be applied, all depends on your credit rating or score. Make sure to examine past choices and to change your money habits. Decisions you make today will impact your future options. {source:HUD.GOV }
2. READ THE FINE PRINT – Read and understand the fine print. Homeowners have more ways than ever to buy a home. It is important to know your rights. You should understand your purchase contract and beware of scam artists and predatory lenders. (for more info check withGARealtyGroup | 2ShortSaleGuys)
3. LEARN ABOUT HOMEBUYING PROGRAMS IN YOUR STATE – In addition to HUD’s program, there may be programs sponsored by your state or local government or other organizations. (for more info check withGARealtyGroup/2ShortSaleGuys)
If you are planning to buy a home and need assistance to determine your financial standing, We atGARealtyGroup|2ShortSaleGuyscan help you get started and provide you with all the possible options. We have a dedicated team of lenders that will match your specific situation with the mortgage that best suits your needs. We are the best in the business! We utilize some of the best marketing techniques and the know-how to get you your dream home. We are a full service real estate team that specializes in providing excellent customer service. If you are in the market to purchase a home or just want to look at the homes available, click HERE to view the most up to date and complete list of homes available.
We are also listing specialists that know how to sell your home. Contact us today by clicking HERE to get a FREE confidential evaluation and consultation. You may also contact us today at 678-279-5535
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