So you’re thinking about buying a house? Now what???
There a few things to consider before taking the next step towards homeownership.
Can you qualify for a loan?
Most people think that if they have good credit, this part of the process is “in the bag” but don’t start your home search just yet. Did you know that banks now require you to prove all of your income & qualify against all of your debt. (Yes, I’m serious)
Obviously, this is a no-brainer but at the height of the market, just about anyone could qualify for a mortgage. Be sure to know what you qualify for before you find your dream home & start planning out where the couch will go.
First, you have to bring an earnest money deposit to the table which typically is 1-3% of the purchase price. Plus, the cost of inspecting the home before you’re “all-in”. The average home inspection is $295-400 bucks(it varies based on sqft). In addition, you’ll have to pay for an appraisal which will verify that the home is worth what you’re buying it for.
Don’t be alarmed, you only come out of pocket, once you get an offer accepted. But remember, it costs money to buy a home. It’s a small investment you make upfront & is worth every penny to ensure that your hundreds of thousands of dollars are being well spent.
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