For Buyers - Start Here
Now…let’s be blunt here…
Before you even begin to start saving properties and calling agents, you have to get your finances in order. That begins with cleaning up old debts, improving your credit score, and building up healthy savings to put down a 20% down payment if at all possible. Get this done first. At the very least, most banks will require 5% down. Just know that lenders will typically require you to pay private mortgage insurance (PMI) if your down payment is less than 20%. Once you have your financial ducks in a row, it’s time to start preparing for the house hunt. The first step is actually getting pre-approved for a home loan. Keep in mind that pre-approval and pre-qualification are two different things:
- Pre-Qualification: Only tells you how much you can afford for a home.
- Pre-Approval: Tells you how much the bank will guarantee to lend you for a home
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Knowing exactly how much you are approved for can help you stay within your budget. When budgeting for your home purchase, don’t forget to include other costs that will arise like:
- Inspections
- Repairs
- Closing Costs
- Contingencies
- And Other Fees
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Acquiring a property is likely the most significant financial choice you’ll ever face. Whether it’s your inaugural purchase or you’re a seasoned investor, this choice demands thoughtful deliberation and being clear about 2 key pillars:
What’s Your Motivation for Buying?
Perhaps you are fed up with rent payments? Or you are ready to invest in your own mortgage rather than your landlord’s? Or maybe you just need more space than your current residence provides?
Understanding your motivations for purchasing can steer you toward the ideal property.
Has Your Financial Situation Improved?
Investing in property is a wise choice, did you know that most financially free individuals got there through real estate?
Real estate ownership stands as one of the more secure methods to enhance your net worth or to amplify the returns on your initial outlay.
