Is buying a new home the right move for you right now? We ask ourselves this question and have to know if renting is better than buying and or if buying is better than renting for you. Whats
Is buying a new home the right move for you right now?
We ask ourselves this question and have to know if renting is better than buying and or if buying is better than renting for you. Whats going on in your life? How much debt do you have? What is a good price range for you? Have you saved 20% for a downpayment to avoid PMI? What is PMI? What will all my expenses be?
From being a Home Mortgage Consultant in Florida I am more knowledgeable about the process now. You have to know what your budget will be, how much debt you have recurring monthly and the most important piece what your credit score is.
Will you qualify for a mortgage? Calculate your debt-to-income-ratio (all of your debt you have with your overall income). Each lender is different but your debt should be no more than 45% of your monthly income is a good rule of thumb. Your credit score will determine the interest rate the lender will loan you the money for. The better your credit score the better interest rate you will get plain and simple. Check out https://www.annualcreditreport.com to see where you stand. Rent until you have enough money saved, know your credit inside and out and have a budget with a plan in place. Don't just buy a home with a back yard for your dog, kids etc until your do.
For me taking trips around the world is important and I wont buy until I have enough saved to continue to do so. If you are over your head with debt and end up buying a home, the only trip you will be taking is one to your back yard.
Please email me with any questions if you are planning on buying a home or thinking about it.
Marcos began learning about residential and commercial real estate, development and construction at an early age. After college, Marcos pursued his passion for real estate by establishing himself in F....
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