Everyone knows that buying a home can be a great asset to your family. Since buying a home is cheaper than renting in the long run and provides stability to a family, it can be a great long term investment. It seems like such an easy choice, but a lot of people are hesitant to make the switch from renting to owning. The process of buying a home can seem tricky, and that can scare people away from making a change. The tips explained below will help you be able to feel confident moving forward in buying a home.
You may be wondering how much you can afford to spend on a house. Your housing expenses (this includes the monthly payment, interest, taxes, and insurance) should not be more than 28% of your monthly income. To find out that amount, multiply your yearly salary by .28 and then divide by 12. This will show you how much money you can spend towards housing every month. Many real estate websites like this site of estate agent in Caterham will have built in calculators that will help do this formula for you.
Getting pre-approved for a loan is the next important step in buying a home. Their estimate will be more accurate than yours because they will look at your credit score and assets. Getting pre-qualified isn't enough, make sure you are pre-approved. A number given during a pre-qualification may not turn out to be accurate during a pre-approval. To get pre-approved for a loan you will need to come prepared. Proof of income (W-2 statements, pay stubs, and proof of any other income), proof of assets (savings or other assets), good credit, and proof of employment will all be needed by the bank to pre-approve you for a loan. Read the latest news about real estate at http://www.huffingtonpost.com/news/real-estate/.
Here are some tips to look for when finding a house that will be a good investment. A good neighborhood is an important asset for a house to have. The area should look nice, have good public schools, and good public services (library, grocery store, parks, etc.). A well kept yard, good structural integrity, and a roof and furnace in good working condition are essential for a house to be a good investment. A house will seem bigger if it has an open floor plan. People also base a lot of judgment on how big the kitchen is when deciding to buy a house. Visit estate agency in Caterham.
A few more things to think about would be determining your realistic expectations for the house, finding a good realtor, and getting a home inspection when you think you are ready to buy. If you were feeling overwhelmed, hopefully these tips have helped you feel more confident. Stay calm, you can do this!
You may be wondering how much you can afford to spend on a house. Your housing expenses (this includes the monthly payment, interest, taxes, and insurance) should not be more than 28% of your monthly income. To find out that amount, multiply your yearly salary by .28 and then divide by 12. This will show you how much money you can spend towards housing every month. Many real estate websites like this site of estate agent in Caterham will have built in calculators that will help do this formula for you.
Getting pre-approved for a loan is the next important step in buying a home. Their estimate will be more accurate than yours because they will look at your credit score and assets. Getting pre-qualified isn't enough, make sure you are pre-approved. A number given during a pre-qualification may not turn out to be accurate during a pre-approval. To get pre-approved for a loan you will need to come prepared. Proof of income (W-2 statements, pay stubs, and proof of any other income), proof of assets (savings or other assets), good credit, and proof of employment will all be needed by the bank to pre-approve you for a loan. Read the latest news about real estate at http://www.huffingtonpost.com/news/real-estate/.
Here are some tips to look for when finding a house that will be a good investment. A good neighborhood is an important asset for a house to have. The area should look nice, have good public schools, and good public services (library, grocery store, parks, etc.). A well kept yard, good structural integrity, and a roof and furnace in good working condition are essential for a house to be a good investment. A house will seem bigger if it has an open floor plan. People also base a lot of judgment on how big the kitchen is when deciding to buy a house. Visit estate agency in Caterham.
A few more things to think about would be determining your realistic expectations for the house, finding a good realtor, and getting a home inspection when you think you are ready to buy. If you were feeling overwhelmed, hopefully these tips have helped you feel more confident. Stay calm, you can do this!