Since you most likely will need to get a mortgage to buy
a house, you must make sure your credit history is as
clean as possible. A few months before you start house
hunting, get copies of your credit report. Make sure the
facts are correct, and fix any problems you discover.
2. Aim for a home you can
really afford.
The rule of thumb is that you can buy housing that runs
about two-and-one-half times your annual salary. But
you'll do better to use one of many calculators
available online to get a better handle on how your
income, debts, and expenses affect what you can afford.
3. Don't worry if you can't
put down the usual 20 percent.
There are a variety of public and private lenders who,
if you qualify, offer low-interest mortgages that
require a down payment as small as 3 percent of the
purchase price.
4. Buy in a district with good
schools.
In most areas, this advice applies even if you don't
have school-age children. Reason: When it comes time to
sell, you'll learn that strong school districts are a
top priority for many home buyers, thus helping to boost
property values.
5. Get professional
help. Call your WEICHERT, REALTORS® - Caton Properties Sales Associate at 410-465-8300
Even though the Internet gives buyers unprecedented
access to home listings, most new buyers (and many more
experienced ones) are better off using a professional
agent. Look for an exclusive buyer agent, if possible,
who will have your interests at heart and can help you
with strategies during the bidding process.
Call your WEICHERT, REALTORS® - Caton Properties Sales
Associate for more information.
Getting pre-approved will you save yourself the grief of
looking at houses you can't afford and put you in a
better position to make a serious offer when you do find
the right house. Not to be confused with
pre-qualification, which is based on a cursory review of
your finances, pre-approval from a lender is based on
your actual income, debt and credit history.
For a complete loan analysis, contact
Thomas Buttner.
