Tips for Buying a House

April 22, 2017

 

  1. Be sure to have at least 20% down payment

By having a 20% down payment ready when you go to purchase a new home not only will it lower your monthly mortgage rates, you won’t have to pay for private mortgage insurance. If you don’t have the 20% down payment more often then not you’ll have to have private mortgage insurance….to make things simpler you’ll have an additional payment in addition to a mortgage each month.

 

  1. Mortgage shouldn’t be more than 25% take home pay

Sure the bank may offer you a housing loan with a mortgage much much greater than 25%, but do you really wanna be living your life paycheck to paycheck? The house you bought goes from a blessing to a curse!

  1. Negotiate the price

First off, it’s good to know if you are in a buyers market or a sellers market. Pretty much a sellers market means that the demand for the houses in that area are high, verses a buyers market means that the demand to buy houses are low. Usually in buyers markets you can get away with asking for less than the price.

 

  1. Check out the neighborhood

Sure your house may be your dream house at the dream price, but you may want to reconsider if the neighborhood isn’t safe. Not only can a bad neighborhood drive down the value of your house, but do you really want to sleep at night worried about your home getting broken into?

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