Everyone dreams of buying a house at some point in their lives, even though in the hard economic times that they are all facing, it almost seems like a dream that might never come true. Most of the money that people make goes into use the moment that they get it, and it is almost impossible to save a penny. The truth is that with proper planning, anyone can buy a house, no matter how much or little they are earning. They can make some sacrifices for the short time, and buy a house that will be a great advantage to them in the long run. In this article, we are going to look at some of the essential money moves for first time home buyers.
Check your credit
A person’s credit score is very important if they intend to take a loan to cover the house that they are buying. The higher the credit scores are, the higher the chances of getting higher loans. Unpaid accounts are usually the reason why credit scores go south, although paying everything on time doesn’t always mean that they have a good credit score. The amount of credit that a person is using as compared to their utilization ratio can also bring down their score, and it could take a very long time getting it back up. If the credit score needs to go up, the trick is to begin working on it early, at least six months before beginning to look for a house.
Evaluate assets and liabilities
A person that is buying a house for the first time should know how much money they owe, and how much is coming in. it would be a good idea to track where the money is being spent for up to six months back. They should also try and understand what lenders would view in their income, probably a two years’ earnings history.
Documents need to be organized since they will have to document their income and taxes when going to mortgage lenders.
They would also need to know how much they can afford to spend and how much they can qualify for from the mortgage lender.
Figure out your down payment
They will also need to figure out how much they can afford to pay every month. They could also qualify for grants, and they need to check that out. Consulting with friends and other people on the lenders that they enjoyed working with, and the process involved, would go a long way in helping.
Realtor Bob McLean
If you live in Mission or the Fraser Valley, BC, you might want to check out Bob McLean, a realtor that deals with purchasing, selling and valuing property. He is located in Mission, British Columbia, a fast growing community that isn’t far from Vancouver, and the United States border. Bob has been in the property business since 2003 and therefore knows the market very well. He offers free online home valuation, and he can be reached on phone and email. So, if you're after mls listings Mission BC, Bob McLaren is the man to seek out, and he and his team will ensure that you get good value for your money, the perfect home for you to retire in.
If owning a house is one of your dreams, it would be a good idea to start the process early, taking into consideration the tips that we have mentioned above. Realtor Bob McLean can come to your rescue if you're looking for a house to buy, or sell in Mission or the Fraser Valley.