Right now the real estate market in the United States is great for the buyer. Due to a rough economy, record number of foreclosures and low interest rates, there is an abundance of houses at an affordable price. A nice home that cost a lot just three years ago can be bought for a third of that price today, and with lower interest rates, taxes and insurance rates, it is easier to afford. Even though the timing has never been better to try and buy a home, there are still some things you should keep in mind. If you do not, they can potentially become road blocks for you getting your home.
First remember that the banks have been hurt with bad loans for years and years. They are much more careful about who they give a loan too. Before they even take your application with serious interest they expect three things; a good credit score, a down payment, and established income. A good credit score is important because while it may not cost you the loan, it will cause you to have higher interest rates and finance charges. To save money and time you can look into a credit repair company to fix your score. Credit repair companies can fix your score in a matter of weeks, the process is simple and easy as well as affordable and can help save you hundreds or even thousands of dollars a year paying off your loan.
Also the banks would like you to have an established income so that they know you are going to be able to pay your loan off. There is no sense in giving someone a mortgage bill of $1,200 a month when they only make $1,000 a month. Finally banks want a down payment and this is also beneficial to you the buyer. You borrow less money and own part of the house right off the bat.
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