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Are you ready to buy your first home? Investors Clinic presents some valuable tips to know if now is the time and the steps you should take to make your dream come true.
As they say, the road between contemplation and being ready to commit to buying a house is demanding and emotional as well, experts in this real estate segment opine that the best use of a broker's time and skills is to enter the fray after buyers have done some preliminary footwork.
And part of this background work is figuring out whether you're ready to be a homeowner, financially, psychologically as well as emotionally. First of the foremost things is to make sure your credit record appeals to a lender. If your credit history is less than shiny, you're probably better off renting while you buy down your debts and polish up your record. On the other hand, if your credit history is something that you can surely be proud of than it is always going to be easy for you to impress upon the lenders.
As most of the experts say, no matter how well you presume your dream house and communicate your thoughts to a real-estate agent, the house you finally fall in love come with good help from a real estate consultant. It is indeed the job of the a estate consultant like Investors Clinic to go all out and make sure that you get what you want.
You have to begin somewhere, and a detailed wish list is a great head start. Let's say your wish list looks like this, in order of priority:
It is very important to note that when you actually start looking at houses, this information will be invaluable to a real-estate agent as he or she matches your requirements to available houses in your preferred localities.
This is a big question that you as a buyer will have to ask yourself and then make an honest decision that you can completely take pride in holding on to.
Every real estate market is different, but the first step to answering this question and finding out what you can pay on a monthly basis after you've made your down payment — 5%, 10% or 20% of the asking price of the house.
Consult a loan officer. This is where Investors Clinic creates differentiation as it provides you with end-to-end consultancy with regards to your home search. The best way to learn what you can afford is to get prequalified for a loan. IC may recommend someone or you can just walk into the office of a local lender.
Do the Calculations. IC can also help you do some basic calculations that can help you make that critical choice for yourself. Broker wisdom says that monthly payments should be 25% to 33% of your monthly gross income. In order to calculate: Take your monthly income before taxes, including all sources, and divide it by four. Subtract from this figure the total amount you pay per month in debts. T he result is the lower end of what you can reasonably afford to pay on a monthly basis.
Also it is imperative knowing that most first-time buyers are simply getting into the market. Your dream house may be two or three houses into the future, so don't feel like you have to spend every rupee you can afford if it means trading off some cherished freedom.
Now you're ready for the house hunt: Go to as many open houses as you can stand, IC is always there to help you narrow down your search and help you in every possible way. In the neighborhoods you're considering, include some homes you know you can't afford and some priced below your means.
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