Pittsfield, MA -- (SBWire) -- 07/12/2013 --That’s why Real-estate-yogi.com is here, offering insight on the subject, such as:
- Checklist
- Debts under Control
- Credit Scores
- New Owner Responsibilities
Home-buying Checklist
Creating and keeping a “buying your first home” checklist is smart when looking for a first home. On this checklist should be a nod to the budget, a check on the down payment money, and proof of a source of income that’s steady. Also, don’t buy a house based on emotion; it could end up being a very bad decision. Most importantly, be sure that purchasing a first home is what one really wants to do at this time in one’s life. If it is not, wait! There will be other houses for sale at another time.
Buy a First Home With No Credit Check With Minimum Efforts Here!!
No Debt Issues
One cannot go into buying a house with a ton of debt. It will make obtaining financing much harder. Getting one’s debt under control before beginning to look for a house is just part of what to know when buying your first home. Lenders want to make sure one can afford one’s obligations, so they check one’s debt-to-income ratio. They’re happiest when the total of the taxes, principal, and mortgage insurance is not more than 33% of one’s monthly income.
Effects of Credit Scores
Each of the credit reporting bureaus allows someone to get a free copy of his credit report yearly. It will do one well to know what those scores are before looking into buying your first home. A low score can result in not being able to get financing at all; a higher one will better the odds. Having a good payment history with the lender may help, despite a low rating. Know the scores before searching for financing.
Responsibilities of a New Homeowner
There’s a huge difference between renting and owning, part of which is the new responsibilities one will have as a homeowner. One of the things to know when buying your first home are that no one else is going to do, or pay someone else to do, necessary home repairs. The burden of those expenses rests squarely on one’s shoulders. Some new home owners actually like being accountable for those costs; it makes them feel that the home is really theirs.
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