5 Tips To Know Before Buying a House

October 30, 2017

Do you want to take the best steps to buying a house? We hope the following tips help you have good experience buying your new home!

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Disclaimer: There are many tips and a lot to research needed before buying a house. These are our personal observations from our colleagues. We hope this advice helps in anyway!



#1. Higher credit score wanted - improve your credit score

 It’s all on the score, the higher your credit score is, the bigger the chance you will get the loan you want. If your score is below 660 or 680, you're either going to have to pay sizable fees or a higher down payment, however, if your score around 700 to 720, you will get a really good deal. With score of 750 and above, you will get the best rates on the market.


#2. Realistic mortgage payment to income ratio - figure out what you can afford


Just because you have a great credit score and can get the biggest loan, that doesn’t mean you can afford the monthly mortgage. Try to find a house that is financially affordable, maybe you and your spouse both are working, it is always good to save some money for the rainy days. Make sure you have enough fund to cover the monthly mortgage-payment, and try not to miss any monthly payments.If you're using FHA financing -- as almost one-fifth of buyers get FHA-insured loans -- your home payment can't exceed 31% of your monthly income, however, with some mitigating factors, the FHA will let you go higher.


#3. Start building a healthy saving account


As we discuss before, try to get an affordable mortgage-payment plan, and try not to miss any payment. With the “leftover” fund, build a saving account in case there’s unpredictable payment that is due, e.g car insurance, pipes leaking, etc.You also still need to pay the closing cost and loan fee, so make you have that saving income ready for these kind of thing. In the house buyer's market, you can always negotiate to have the seller pay a portion of how much is the closing costs.


#4. Try to get approved as soon as possible



Don’t wait, don’t delay. Once you get approved, don’t start looking for another loan payment types, which one is cheaper or better. If you keep delaying, the fee and the mortgage rate will change to the worst. Always, always get pre approved for a mortgage.


#5. After all this, get the house you like with DRE


If you're buying today for yourself and your family, you want a home that will make you happy for several years. You can't always count on a quick sale. It all depends on how much you put down, and how much you have to sell and relocate, short-term ownership can be a pretty expensive proposition. That’s why DRE is here for you!


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