Buying a house is a great decision that can be a challenge full of emotions. However, proper preparation and working with a well-informed MLS ACOBIR agent can go a long way towards reducing the stress of this large purchase.
To help, we examine three of the most common topics: budget, house selection and purchase/negotiation. We hope these tips and tricks will help you to face this vital event with more confidence.
Tip # 1: Minimum down payment of 10%, but you know, in this case more is much better.
When you plan to buy a house you must propose to save as much as you can before starting the process, since you must consider an important point for the economy of your future home, the higher the initial payments of your mortgage loan, the lower the monthly paymentes you will have to make to the bank, and therefore you can have an extra every month and save money on interest with the bank, it is true you can make 10% of down payments, but it is best to aim for 20% or more.
The higher your initial payment for the purchase of real estate, the greater the chances of receiving approval from the financial institution.
Tip # 2: Set a budget and keep it
Before you start looking, you must establish a budget and calculate how much you can spend each month after the initial payment. The general rule is that the monthly payment of your mortgage must not exceed 25% of your net monthly income. Once you have determined the amount you can afford, you will know you reach when you are looking for a house.
And do not forget to consider the other expenses associated with owning a home: electricity, heating, cooling and maintenance.
Finding out how much a new home will cost is as important as finding your perfect home, you must be very focused on the process.
Tip # 3: Pre approved
An excellent way to achieve better results is to do several procedures with banking agents where they can give you preapprovals, with these they will be easier and practical the negotiations that you can do with the seller or real estate agent of your future property, since you will show them that you are a Qualified prospect to follow the procedures.
Tip # 4: Patience
Buying your home is one of the most important investments and goals of your life, so you should take this process calmly and enjoy it.
We invite you to see our lists of properties so you can adjust your budget for this great process.
Stay tuned for our next Houses selections tips.