If you’re a first-time buyer, there are some essential things to consider when buying a house. It’s a huge life-changing decision, both financially and in terms of lifestyle. Arm yourself with this information so you can make the best decision possible.
Head over to your bank and speak with a loan officer.
They will help you calculate your debt to income ratio (general rule of thumb, you want your monthly debt to be no more than 40% of your monthly gross income) and give you an approximate idea of the amount of house you can afford.
When buying a house, it’s important to recognize your must-haves. These are non-negotiable qualities of the home that you need in your life.
These deal-breakers can make or break your decision to pull the trigger on making an offer. A home with all the must-haves can also entice you to spend more than you originally anticipated.
Aggregate the necessary documents to send to the bank into one place.
These documents include bank statements for at least the last two months, income and salary documents from work, and other paperwork to prove your net worth and ability to finance a loan.
Find the right real estate broker, or agent, as they can make or break the process of buying a house. Find one that you trust and has your best interests in mind.
Doing so will save you money and help teach you the nuances of inspecting homes and ensuring you are getting your money’s worth.