Market conditions play a huge part in any decision about when to buy a home. And if you have been thinking of buying a home, this is the time. Prices are low and mortgage rates are low.
When do you know you're ready to buy a home?
. You have a steady source of income. You've been employed on a regular basis for the last 2-3 years and your current income is reliable.
. You have a good record of paying your bills.
. You have money saved for down payment.
. You have ability to pay a mortgage every month, plus additional costs (taxes, insurance, etc.)
What to do first?
Here are some of the few things to do before you start looking for a house.
. Talk to a mortgage broker to get loan pre-approved.
. Talk to a real estate agent - a good agent can recommend reputable brokers and help you make sense of the terms of the loan.
. Review your credit report and scores with mortgage broker to determine if any repairs are needed.
. Select a community that will allow you to best live your daily life.
Owning a home has many benefits. When you make a mortgage payment, you are building equity. And that's an investment. Owning a home also qualifies you for tax breaks that assist you in dealing with your new financial responsibilities- like insurance, real estate taxes, and upkeep- which can be substantial.
If you need more information, please call Oscar Bautista at 415-370-7703 or Lina at 415-420-5352.
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