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With the spring selling season upon us, it's time to start thinking about whether or not you should purchase a home. There are some considerations you need to make before committing to such a large investment. A lot of people rush into buying a home, and you definitely don't want to rush something as major as this.
One major consideration to think about is whether or not you have a steady income. To even get a loan on a home, you need to prove that you've had a steady job over the last two or three years.
You'll also need to consider your credit history. Do you have a good record of paying your bills back on time? This is crucial to your credit score, and if you have borrowed responsibly in the past, then you will be rewarded with a low interest rate on your home loan.
Do you have any outstanding or long-term debts? An example of this would be a car payment, or a student loan.
Also, do you know how you're going to put a down payment on a home? It's not always necessary to put down a large down payment, but if you don't put down more than 20% on a home, you'll be forced to pay private mortgage insurance until you have payed off at least 20% of your loan.
My biggest piece of advice before you go to buy a home is to plan on spending more than you have planned for. There will always be hidden fees and surprises popping up, and this can be disastrous if your budget doesn't allow for any wiggle room.
Please get in touch with me if you plan on purchasing a home in Wilmington this year. Now is the time to begin planning for your purchase.
