Home Buying Tips

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Real Estate Agent with The Michael Bean Group, LLC

Home Buying Tips

real estate Home Buyer Tip: Finding the Perfect Neighborhood Tips for Finding the Perfect Neighborhood - The neighborhood you choose can have a big impact on your lifestyle�Xsafety, available amenities, and convenience all play their part. Home Buyer Tip: 5 Credit Score Factors That Decide Your Credit Score range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score...
1. Your payment history. Whether you paid credit card obligations on time. 2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended. 3. The length of your credit history. In general, the longer the better. 4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly. 5. The types of credit you use. Generally, it�s desirable to have more than one type of credit�installment loans, credit cards, and a mortgage, for example. For more on evaluating and understanding your credit score, go to Click Here
Home Buyer Tip: 8 Ways to Improve Your Credit Credit scores, along with your overall income and debt, are a big factor in determining if you�ll qualify for a loan and what loan terms you�ll be able to qualify for. 1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else�s poor financial management. 2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score. 3. Don�t charge your credit cards to the maximum limit. 4. Wait 12 months after credit difficulties to apply for a mortgage. You�re penalized less for problems after a year.
Home Buyer Tip: Take the Trauma Out of Homebuying 1. Find a real estate professional who�s simpatico. Homebuying is not only a big financial commitment, but also an emotional one. It�s critical that the practitioner you chose is both skilled and a good fit with your personality.
Home Buyer Tip: Prepare for Homeownership Decide how much home you can afford. Generally,you can afford a home equal in value to between two and three times your gross income.
Home Buyer Tip: 5 Reasons You Need a REALTOR A real estate transaction is complicated. In most cases, buying or selling a home requires disclosure forms, inspection reports, mortgage documents, insurance policies, deeds, and multi-page government-mandated settlement statements. A knowledgeable guide through this complexity can help you avoid delays or costly mistakes.
Home Buyer Tip: The Pros and Cons of Condos Condominiums and townhouses offer an affordable option to single-family homes in most areas. But consider these facts before you buy.
Home Buyer Tip - Tips on Buying in a Tight Market Increase your chances of getting your dream house instead of losing it to another buyer, with these easy steps.
Home Buyer Tip: 10 Tips for First-Time Homebuyers 1. Be picky, but don�t be unrealistic. There is no perfect home. 2. Do your homework before you start looking. Decide specifically what features you want in a home and which are most important to you.
Home Buyer Tip: 7 Reasons to Own Your Own Home Tax breaks. Gains. Equity. Savings. Predictability. Freedom. Stability.
Home Buyer Tip:Getting Your Finances in Order 1. Develop a family budget. Instead of budgeting what you�d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent. 2. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt�car loans, student loans, revolving balances on credit cards�down to between 8 percent and 10 percent of your total income. 3. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You�ll probably see some great ways to save.

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