Getting The Best Isn't Always The Best
Minot Real Estate 101
Getting the best isn't always BEST for YOU!
In all my years of Real Estate I've found it very rare that a home Buyer not take out the maximum loan offered them from the bank.
Banking regulations dictate to the bank, via carefully researched statistics, how much money you can afford to pay back without defaulting (going bankrupt) on the loan.
The bank/lender wants to loan you the maximum amount of money they can because the more money you borrow the more money they make.
While bank foreclosures are down because of new banking laws we still all see foreclosures every day. So what's happening?
I like to think back to the first home that I purchased when I was 18 years old. I purchased as much home as I could just like most people do but what happened when my car died, or the furnace, or I wanted to purchase something nice for my girl? I literally lived on saltine crackers for a week or however long it took to recover financially.
By not borrowing the maximum amount you could you leave yourself a cushion for emergencies and for comfortable purchases. Even folks who have had home custom built to their specifications usually find they would have done something different or would like to add something to the house they designed within six months of moving in. If you have borrowed your maximum amount of credit you may not be able to make changes for a year or two.
When I purchased my first home I slept on a water bed on the floor (couldn't afford a frame) and much of my furniture was made out of plastic milk crates.
Think about this when you go for that home loan. Remember that when it comes to credit you are NOT leaving money on the table, the bank will be glad to loan you more later if you have not maxed out your credit.
Getting the BEST Realtor in Minot doesn't cost you any extra, just stop in at National Marketing Realtors and we will do our absolute best for you.