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Top 5 Questions to Ask before Purchasing a Home
Your home purchase will likely be one of the largest purchases you make during your lifetime. It also can be one of the wisest investments you make as well. Before you take the plunge, there is a list of five questions that are wise to answer before you make that purchase.
How's my credit?
When a lender offers you a mortgage, they are not surprisingly going to want reassurance that you will be able to pay them back. Consequently, your credit score will be an important piece of information for them to consider. Credit scores range from 300 to 850. An excellent credit score is between 750 and 850, while a credit score below 650 is deemed poor. Credit ratings are developed by reliably and timely paying off debt. If your credit needs some work, make sure that you are paying credit card statements and loan statements on time. If your credit is currently low, you may want to take some time to raise it before you attempt to purchase a home.
Who is the best real estate agent for me?
Not all real estate agents are created equal! You will want to choose a real estate agent with a great deal of experience, the knowledge needed to guide you through the process, and the personal skills that will make the whole process a lot more enjoyable. When selecting an agent, it is wise to check reviews, the sales history of a realtor, and to talk to others in the community who have had experience with local realtors.
If I get a new job, am I likely to relocate?
Your career plans play a pivotal role in determining whether it makes sense for you to buy a house. While a house can be a wise investment for most, if you may be moving in the near future it may not be wise for you. The general rule is not to buy unless you plan to stay in that home for five years. If you think there is a good chance you won't be sticking around that long, it may be wiser to rent.
Can I afford closing costs?
Getting a mortgage comes with a number of closing fees, which must be payed when you reach the settlement table. These are out-of-pocket expenses that you need to budget for ahead of time. While both buyers and sellers contribute to these closing costs, the buyer is the one who covers the majority of them. Expect for closing costs to come to approximately 3-4% of the home's price. In order to truly afford the purchase of a home, you need to be equipped to pay for these costs.
Are my expectations realistic?
Many home buyers enter the process expecting and desiring to find their dream home. At Augustedge, we love helping dreams come true! However, sometimes expectations can be a bit out of line. If your list of “must-haves” is immensely long and you’re not willing to budge on anything on your wish list, shopping for a house may wind up being a waste of your time.
At Augustedge, we love guiding our clients through the process of making wise home purchases! It is our goal to help you find the home you will be happy with for years to come. Come talk to us today!
From farming in Warden, WA, to living in Australia and then back to Wenatchee, Iâ€™ve always been profoundly aware of the fundamental need to help others. Whether through their financial picture or he....