Why is it so important for home shoppers to carefully assess what they can afford, especially today with tighter lending restrictions?
Home shoppers need to keep in mind there are many factors in buying a home today. With the tighter lending restrictions, it is essential for home shoppers to work on their credit scores for one. If a home shopper’s credit score is low, they most likely would not qualify for a mortgage loan or if they did, it most likely would be a much higher interest rate.
Home shoppers today, need to come up with a down payment. These are like the old days. Not only, do home shoppers have to come up with a down payment but need to know what there debt is and what income do they have coming in and what mortgage rate do they qualify for, how much property tax, insurances, closing cost, utility deposits, monthly fees, termite plans, lawn maintenance, inspections, appraisals etc, not including basic’s to survive, food, car, repairs, medical and if there are children involved, that would have to be figured out as well.
They need to have money put aside for any future costs or repairs that can be unexpected. They need to keep in mind if they have enough savings if someone lost their job, can they hold this responsibility? What would they do?
It is essential for home shoppers to determine what they can afford ahead of time.
If you are a home shopper and would like more information, send a email to email@example.com.