Paige Martin is award winning Houston realtor. Her website features 500+ pages of data and lists all Houston Condos for sale and Houston Townhomes For Sale. Paige is a member of the Houston, Texas, and National Assoc of Realtors. Paige Martin, Martha Turner Properties.
Thinking of owning your own home is very exciting and preparing to buy one is even more so.
However, there are a few key points that will aid in the preparation of home ownership and make your dreams that much easier to attain.
First you need to realistically decide how much you can afford to pay for a house.
To get a good idea of what that amount is, you should multiply your total gross income by two or three. This is the amount that is usually spent on an affordable home.
Think about what you would like in a home and then write those things down. Place them in a prioritized list and take the list with you when you are deciding on a home.
Consider what you need out of your neighbourhood. You may want to live in a school district, or a community that has many amenities nearby.
You will probably want to be as close as possible to the places you visit most.
You also have to ensure that you have enough money. This includes money for the down payment but you also must remember the closing costs that accompany any sale and make sure that you have enough to cover these costs.
A good formula to use when determining closing costs is multiplying the home's value by two to seven percent. This should give you a fairly accurate number.
Good credit is vital when preparing for home ownership. There are many different ways to get a copy of your credit report. Order a copy and then look it over carefully.
Fix any bad credit that appears on the report and also examine it closely for mistakes. There could be old debt remaining on the report that was paid off some time ago. It's essential to correct any mistakes.
Start visiting lending companies and finding out about mortgages that they can offer you. You not only want to find out how large of a loan you will be eligible for but also what kinds of terms will suit you best in a loan agreement.
When visiting the lending companies, ask what type of documentation they will need when it comes time to actually apply for the loan. This will help you be more prepared, as you can organize all of this documentation beforehand.
Generally they will ask for things such as income statements, listings of all your investments and assets, pay stubs, and other financial information.
You may also be able to qualify for special mortgages or assistance with your down payment. Dig a little bit to determine if you do qualify and what can be done beforehand to have everything ready when it comes time.
Consider all of the costs that are associated with owning a home and then calculate them to see how much it will actually cost.
Remember that property taxes, insurance, maintenance fees, and association fees could all play a part in the final cost.
Lastly, don't try and do it alone. A Realtor has a wealth of knowledge that will be very helpful when it's time to find that perfect home.
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