As you’ve already read here, conditions are ripe to become a homeowner, and it’s time to determine if you’re ready to make the leap. While the price of the home is the largest factor, Team Morgan, your Miami-based real estate specialists recommend that you don’t forget about loan fees and closing costs, which add to your total amount of home mortgage financing.
Since banks are stricter in their lending, step one is to polish up your credit report. A higher score gives you more power when it comes to negotiating terms and interest rates for a homeowner loan.
Similarly, a larger down payment will positively affect your mortgage terms and reduce the amount you have to finance. If you can’t manage 20% down, you will likely have to pay a monthly mortgage insurance premium.
Upon preapproval from a credit lender, you’ll know how much home loan you qualify for, and how much is required for the down payment. It’s best to secure preapproval before you begin looking at homes, especially since sellers will see your offer as a solid one worthy of consideration.
In addition to newer fees being assessed on loans to less than stellar applicants, there are standard closing costs associated with the purchase, including appraisals, legal fees, credit reports and more. All are included up front on your settlement statement and some may be negotiable. Contact a real estate agent today to get the ball rolling and find out how much home you can afford.
Coldwell Banker Residential Real Estate
"For Every Move You Make"
Whether you want to buy or sell a home in Miami, Palmetto Bay, Pinecrest, Dadeland Walk, South Miami, Coral Gables or Cutler Bay, you can depend on the Morgan team of realtors to assist you every step of the way during your real estate transaction