Things You Should Consider Before Buying a Home.

If you are thinking about buying a home,you should consult a professional real estate agent like me and make use of my personal real estate tips .Whether you are a first time buyer or have purchased a home before this simple guide can help you when you are ready to purchase. If you can answer these questions satisfactorily you are ready to begin the home ownership process.

 

Do you know your credit score?

 

When you purchase a home you are asking the bank to give you a loan, the higher your credit score,the lower your down payment and monthly payments on the home will be. The rule of thought is if your credit score is under 680,you will pay higher down payment. You will want your credit score to be a minimum of 640 to get approved for a loan.I can suggest you things that improves  your credit score.

 

How much home can you afford?

 

Many people over extend and buy more expensive home than they need. Your monthly mortgage payments should not be more than 31% of your total monthly income. Buying a house you can afford will make you feel more secure that you will be able to complete the terms of your loan.

 

Do you have enough saved for the down payment and closing cost?

 

Once you know your credit score you will have a good idea of how much money you will need for a down payment. Typically you will need between 3.5% and 20% down. You will also need some money for closing cost.  I can always help you in matters like seeking out down payment assistance and negotiating the closing cost with the seller. Choosing an experienced real estate agent like me will be beneficial when you are ready to buy a home.

 

Do you have a savings account?

 

Calculate what your mortgage payments will be with a mortgage calculator using the intended price of the house you are looking for. You will want to add expense to that such as tax, insurance, and utilities.Here is the link you can use to calculate your mortgage … http://thecalgaryrealestate.com/mortgage/

Your lender will want to see a long term savings plan. A good savings will also help you with fixing some little things in the home according to your needs once you buy your home.

 

Do you know if you would get approved for a home?

 

The best thing to do now is get preapproved for a home. I can help you get preapproved for a mortgage as I can suggest you to a trustworthy and reliable mortgage consultant. You will want to know that you are preapproved for a loan before you start shopping for a house.

 

You need a trustworthy REALTOR® like me to depend on to answer your home buying questions. I can provide you with so many more home buying and selling tips to help you close on the house that you’ve dreamed of.

 

To see a complete list of homes for sale in Calgary and area,please visit http://www.TheCalgaryRealEstate.com
To visit my Personal blog,please visit http://www.BuynSellCalgary.com
You can also find and follow Kay Sharma on Facebook and Twitter.

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