This is Why You Get Your Finances in Order Before Buying via @homebidz

This is Why You Get Your Finances in Order Before Buying

Like with any major purchase, you need to be able to understand what steps to take to buy a home you want. Getting all of your finances in order is crucial to making sure you can afford to actually buy a home. Here are some ideas of what you should gather to prep yourself.

Check Your Credit Report as Soon as Possible

Your credit report is going to be very important. It can make or break your chances of getting a home loan. Check your credit score to see that everything that is listed, is in order. If you come across any errors, you will need to get them corrected quickly. Take the time that you need to get your credit score at a decent level before starting your search.

How Will You Handle the Downpayment?

Consider the down payment next. While there are some loans that will actually let you pay a low down payment, go ahead and save as if you will have to pay the average 20%. If you can save more than that, then go for it. It is better to save more than you think and possibly have some left over after paying.

Figure a Rough Estimate for Your Mortgage Payment

Research your mortgage payments. Use online mortgage calculators to help you determine what your mortgage can possibly be. If you have an idea of the home that you want then you have a starting number that you can work with when use the mortgage calculator.

Money for the Closing Costs

Save for the closing costs. Since a good portion of the money you save will come up around the time you close on a home, you should set aside a separate fund for the closing costs. Keep in mind that you will need to pay any taxes and fees that are needed, as well as home inspection and attorney costs.

Latest Posts

The basics of buying an owner financed house via @homebidz

The Basics of Buying An Owner Financed House

Check Out These Listings The dream of owning your own house has existed for decades. Being a real homeowner comes with advantages: happiness, investing, pride are just a couple -- and that is not even referring to the...
Home Buying Resources via @homebidz

Rent to Own Resources & Advice

First Time Home Buyer? Resources & Advice for Rent to Own Home BuyingResearching the options of being a home owner and discovering the right house is a rather exciting time in one's existence. It is crucial...

Cheapest Cities to Live In the U.S. —2017

Check Out These Listings We hear constantly how expensive it is to live in cities like Manhattan or Los Angeles, but we do not often hear about the other end of the spectrum. While it is true that urban areas in the...
Is Considering a Foreclosure A Good Idea? via @homebidzcom

Step By Step: Buying a Foreclosed Home

Click Here to Search Foreclosed Homes Buying a foreclosed home can be a very intimidating process, but do not let that defer you from following through with doing it. Just be sure that you are going about it the...
Tips That May Help Prepare You for Moving Day via @homebidz

Tips That May Help Prepare You for Moving Day

First Time Home Buyers Click Here When moving day finally arrives, you're going to want to be ready. If that day is just around the bend, it's time to get started with your preparations. Here's how you can make sure...

Most Frequently Asked Questions–As Told By a Realtor

First Time Home Buyer? We did our research, we reached out to some of the top realtors, and asked them what they hear most from first time home buyers. This way you have a bit of a guide-- you'll know what is typically...

Inspections: What to Look For

Check Out These Listings We all know that it is suggested to get a home inspection prior to buying a home; so what do you need to look for? Just because a home doesn't have termites, does not mean that it necessarily...

Categories