Trying to By a New Home?
Home buying can be stressful whether it’s your first home or your second home. There are many different criteria to take into consideration before even looking at homes. Here are few steps you should do first:
Decide on a budget. If you’re not sure how much house you can afford then I would recommend talking to your accountant. He can help you look over your budget and get you started.
Start saving for the down payment. It’s recommended to put down at least 20% of the purchase price to avoid paying private mortgage insurance (PMI). Start with creating a monthly budget to see how much you can put back each month towards your goal.
Determine when you would like to move. By setting a target date, this will help you stick to your savings goal.
Talk to the bank. You will need to complete an application for a mortgage once you have an idea of a home, but by talking to the bank early you may be able to find how much you qualify for.
If you have any questions on the home-buying process, please give us a call at 573-686-3053.