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If you are following the real estate market, chances are you already know that interest rates are at their all-time historic lows and they continue to hover at these amazing levels! When you combine other factors such as motivated sellers and affordable prices – not to mention the huge disparity between renting versus owning right now – it’s a GREAT time to buy. Here are four key steps to prepare for purchasing your home that will make your experience enjoyable, smooth and hassle-free.
Decide What You Can
Afford Each Month
Once
you do a monthly budget and determine how much you would like to spend on a
house payment every month, you will better be able to understand whether this
is right for you. Many people quickly find that they are paying more for rent.
Obtain Loan
Preapproval From Your Bank
Whether
you choose to work with a local bank or a national lending institution, the
process will entail you giving them your financial information and them
determining an amount they are willing to loan you. This will depend on many
factors such as your credit score and history plus your debt-to-income ratio.
They will also walk you through the entire financing process.
Save Money for a
Down Payment on Your Home
Many
people falsely believe that they will need 20% of their home’s price to put down
on the purchase. The truth is that there are several products allowing buyers
much more financial flexibility. The standard FHA loans typically call for 3.5%
down while other programs also exist for qualified buyers such as the VA loan
where you can put zero money down.
Meet With a Good
Realtor®
The
final, and perhaps the most important, step is to meet with a Realtor® that you
can trust. They should be experienced, have plenty of client testimonials and
they should be someone you feel you can connect with. They will help you find
the perfect home, located in the right place and at a price you can afford.
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We
invite you to visit our premier website OmahasElite.com or email us at info@omahaselite.com. We look forward to helping make
your real estate dreams become a reality!
