![]() ![]() Many mortgages require no more than 3% to 5% of the purchase price as a down payment. “A 20% down payment on a home is great, but. You don’t necessarily need to put 20% down, unless it’s specified by your lender or loan type. The best part is you may find out you’re closer to your goals than you realized. They’ll be able to tell you about the pre-approval process and what you can borrow, current mortgage rates and approximate monthly payments, closing costs to anticipate, what percent of the purchase price of the home you’ll need for a down payment, and more. To make sure you have a good idea of what you’ll need to save and what you can expect to spend on your monthly payment, talk to a trusted lender. Have You Figured Out What You Can Afford? Wait until your employment is stable before thinking about buying a house.” 2. Knowing you have a reliable job and income coming in can help put your mind at ease. Buying a home is a big purchase, and you’re going to sign a home loan stating you’re going to pay that loan back. One thing to consider is how stable you feel your employment is. Here are a few questions that can give you clarity on whether you’re ready to make your move. Instead of trying to time the market, it may help to focus on what you can control. But whether this is a good time to buy a house also depends on your financial situation, life goals and readiness to become a homeowner. “Housing market trends give important context. While housing market conditions are definitely a factor in your decision, your own life and your finances may be even more important. And, you’re juggling how all of those things will impact the choice you’ll make. You’re thinking about your finances, today’s mortgage rates and home prices, the limited supply of homes for sale, and more. If you’re trying to decide if you’re ready to buy a home, there’s probably a lot on your mind. ![]()
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