Before starting the house hunt, there are a few things buyers need to consider.

By
Real Estate Broker/Owner with All Seasons Real Estate, Inc. 01336187

Credit score: Lenders are generally looking for buyers to have credit scores of at least 620 nowadays. Although the Federal Housing Administration will extend loans to borrowers with credit scores as low as 580, most banks are imposing higher scores.  Check your credit score and make sure all inaccuracies are cleared and fixed before applying for a loan.  The higher the credit score the lower the interest rate.

Reserves: Even when renting, financial advisers recommend saving four to five months’ worth of expenses in case of job loss or any other unforeseen event. Homeowners should add an additional two months’ worth to their savings.  A home needs maintenance so this is vital to avoid unexpected repairs.  

Settling down: Buyers should think about if they see themselves living in the same place for five to seven years. Homeownership is not just a financial decision, it’s also a lifestyle choice.  Make sure that the area will support your lifestyle.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Tags:
before starting the house hunt
there are a few things buyers need to consider

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the graph to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the chair to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Anonymous
Post a Comment
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the camera to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase:

Rainer
224,132

Lehel Szucs

REALTOR of choice
Ask me a question
*
*
*
Spam prevention

Accessibility option: listen to a question and answer it!

To submit the form,
drag the balloons to the circle on the side.

Type below the answer to what you hear. Numbers or words, lowercase: