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Things You Need To Know Before Buying A Home:
- Get pre-approved before you start looking for a house. This will determine maximum house price you can afford and it lets sellers know that you are a qualified buyer.
- Choose one exclusive agent who will guide you through the home buying process. They will be able offer you access to many homes for sale in the neighborhood you are thinking about buying a home. They will be able to look out for your best interest and negotiate the best price.
- Dont look at Too Many Homes. Its easy to get overwheled and confused. Have your agent narrow down the field with the list of what you must have or what you wish it have. There's a lot of inventory out there, and you cant and shouldnt see it all.
- Make sure you can afford a home. Keep track of your budget so that you know what your expenses and income will be each month.
- Make yourself familiar within the neighborhood you are considering buying. Keep in mind the transportation, schools, and shopping areas needed. living in a home in a top school district usually increases property value.
- When choosing a mortgage company you should make sure they explain to you the different types of mortgage loans and loan programs that are on the market in order to see which one is best for you.
- Consider sale prices of other homes in then eighborhood before making an offer.
- When you have determined which home you would like to buy, you will need to hire an inspector to make sure you will be living in a safe environment and that other high maintenance expenses will not arisein the future.
Documents Required For Pre-approval:
- Credit Report
- Pay stubs for the past 2-3 months
- W-2forms for the past 2 years
- Recent bank statements
- Tax returns for the past 2 years
- Proof of any other income
- Information on long-term debts
- Other documents may be required
Amount of Rent Money You Could Have Used Towards Your Own House:
Rent: 3 Years: 5 Years: 10 Years: 30 Years:
$1000.00 $36,000.00 $60,000.00 $120,000.00 $360,000.00
$1,200.00 $43,200.00 $72,000.00 $144,000.00 $432,000.00
$1,500.00 $62,200.00 $102,000.00 $180,000.00 $540,000.00
$1,800.00 $64,800.00 $108,000.00 $216,000.00 $648,000.00
$1000.00 $36,000.00 $60,000.00 $120,000.00 $360,000.00
$1,200.00 $43,200.00 $72,000.00 $144,000.00 $432,000.00
$1,500.00 $62,200.00 $102,000.00 $180,000.00 $540,000.00
$1,800.00 $64,800.00 $108,000.00 $216,000.00 $648,000.00