Are You Ready To Buy A Home
Are You Ready to Buy a Home?
1. How are your Finances? How are your Finances? - Try to be as Debt-Free as possible. Tackling the credit card debt is your first priority.
2. Know your Options - Before you buy a home, you need to be pre-approved. Do contact your bank or Mortgage Broker for pre-approval.
3. Be Honest - Golden Rule: Mortgage + Taxes + Insurance = 25-30% of your income
4. Find a Good Realtor - Do your research and I'm ready when you are.
5. Be Patient - Once you place a bid and offer is accepted, you will go into escrow. It may take time, but it's meant to protect both buyers and sellers.
HOW MUCH OF MY INCOME SHOULD MY MORTGAGE BE?
Financial advisors throw around rules of thumb about this that are typically in the neighbourhood of 30 to 40 percent of income, but the truth is that no one percentage is right for all home buyers. One variable is that in some markets housing is so expensive that you may have no choice but to devote a larger portion of your budget to your mortgage.
Call us today at 786.505.4553 to refer you to our preferred Lender for Qualifications or you could visit our website http://micasateam.kwmia.com.