5 Things To Do Before You Dive Into Your First Home
Note: This guy is already in pretty deep. How about you?
1- Make sure your credit score will allow you to secure a loan with market rates.
2- Make sure the lender you choose has a good reputation with the agent you will use. (No exceptions here.)
3- Use an agent that knows the local market you will be purchasing in.
4- Do a personal evaluation about your financial stability. Will you be in the home for a few years? (prices may stay flat for a while) Can you really afford the new payment? Do you have some cash reserves? (how many months could you survive with a job loss? Could you be better off by first upgrading your employment first? Do you have high interest rate debt that could be paid off first? Will the new purchase allow you to go forward spending less than you earn?
5- And before you even dip your toes in the water spend serious time learning from experienced people on line. Spend as much time learning about mortgages as you do searching for that home on line.
PS: The last time I put up a list of 5, Teresa Boardman said you always have 10 in lists. Tell Teresa, there are 10 in this list of 5. Lar
LARRY! I can’t beleive you wrote half a post and expect me to finish it! We have talked about this before, these lists need to have ten items on them, see blog law number 3 please! So here we go:
6. Choose an neighborhood or two and do your home work.
7. Choose your housing style and make sure it fits your neighborhood and budget.
8. Don’t spend what the lender says you can aford, instead figure out what a comfortable payment is.
9. Shopping for a home is like shopping for most anything, it’s about comparative shopping. Look at as many homes as you need to, screen some of them out by searching on line.
10. Don’t buy a house from the realtor at the open, if you must buy it, keep in mind that the agent is also representing the seller. Don’t you deserve your own agent?
It was a trick to tick you off and get you involved.
Me ticked off? I tried not to post the other 5 but you know I can’t help myself. I call this blog post extortion.
Since you got me to write half of your post you could at least post my five up with your five to make the ten that you are supposed to have. Please don’t make me come over there, you really wouldn’t like it if I did.
funny girl