TOP 4 TIPS WHEN BUYING A HOME


Are you buying a home? Check out the following four must know tips!
DETERMINE HOW MUCH YOU CAN AFFORD
Knowing how much house you can afford will help you save time and money. Narrowing down your price range will insure that you only spend time looking at homes within your budget. Still need to get pre-qualified? For a list of trusted lenders, please reach out to us at 907-720-4663.
CONSIDER OTHER COSTS
It’s not just your mortgage payment. There are several costs that you will also have to be prepared for. Closing costs, appraisal fees, escrow fees, homeowner's insurance fees, property taxes, moving costs, repair and maintenance and bills too! Yes, you’re going to have to pay all these things when owning a home that the bank doesn’t care about when qualifying you for a mortgage.
Be prepared! Work with your real estate agent who can give you an overview of these costs and avoid the trouble of being overwhelmed. Determine the neighborhood’s property taxes and insurance cost. It is also a good idea to preview the seller’s utility bills for the last 12 months the home was occupied to have an idea how will they cost. 
SECURE AN AFFORDABLE MONTHLY PAYMENT
You can possibly buy a house with as little as 3% down payment but it can put you in a precarious position. If anything comes up and you will have to sell, you might end up owing more that you can get out of the sale considering the closing costs.
Create a budget before beginning a home search.  Owe a lower monthly mortgage and years of PMI by spending a year or two saving aggressively toward a down payment. A good rule of thumb is to allocate no more than 30-35% of your monthly household income to housing costs.
USE PROFESSIONAL HELP
It is possible to get into a home without professional help but that may not be the best for you when you consider that is is one of the biggest financial transactions you will be involved in. Licensed real estate professionals will be able to help you find a property quicker and make sure it is exactly what you’re looking for.
It is a competitive market right now; a good real estate agent will work in your best interests and walk you through the buying process smoothly. Be sure to select an agent who is a neighborhood expert in the area you’re interested in.

For a comprehensive breakdown of the home buying process- including credit score resources – check out our post here. We’d love to hear from you – call us at 907-720-4663.

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