Ready to buy a home?

By Crystal Marie

Things you need to know before buying a home.

The first thing you need to think about before purchasing a home is can you afford it? What is your debt to income ratio? Do you have any money saved for a down payment? What is your credit score?

These are just a few things to think about before buying a home. You can look at your credit score through different sites. I find one that comes close to my actual credit score is credit Karma. It lets me see everything that I owe, how long I’ve had my credit cards for, and my debt ratio. This includes my car loan and student loan.

Depending on what State and city you live in, determines what type of city programs are offered. If you served in the Military you may qualify for a VA loan. Determine what type of loan you’ll want they have different from FHA. There’s conventional loans, USDA home loans, etc.

You’ll want to do your research, and determine what type of budget you have for a maximum monthly payment you can afford. After that identify what your credit score is, if its low try paying some of your debt off. Find out what company you feel comfortable working with to get a home loan.

Are you willing to do some work on the home? Or do you want it move in ready? What type of home do you want? A single family home, multi-family unit, Town house, Condo, Farm?

The important thing to remember is to be realistic with what you can afford, many people want a mansion however you might have to settle for a smaller house if that is what you can afford at the moment. Depending on what state you live in will yield different prices for homes.

Find a real estate agent you feel comfortable with, that knows the market and can help you find your home. Don’t feel intimidated, ask them questions about the market, if they’ve done deals with the type of loan you qualify for, and start your search, be patient, your home is out there.

Also keep in mind some side expenses you might pay for. One being earnest deposit ( this is money you put down when you have an accepted offer, it is deducted from your total due at closing). Do you want an inspection on your property? I always suggest this, as you want to know what condition your home is in. Do you want a home warranty plan? This comes in handy should one of your appliances stop working after you’ve moved in. Depending on the plan you buy some may cover larger items such as AC/Furnace. Then there’s home insurance, do your research to find something that works for you.