Is it better to rent or buy now?
I’m sure you’ve already heard that mortgage rates are at historic lows and have been for months. Housing prices are still relatively low. The key to seeing the performance of your investment in ANYTHING is to buy low and raise the wave. The cost of borrowing money at this time makes homeownership cheaper than rent in many cases. What do you think happens if everyone continues to rent because they are afraid to buy? Rentals continue to skyrocket. Investors know this, that is why they are buying everything they can now, so that they can then rent it at an inflated rate. BUY NOW!
Quick tips for a successful house hunting
Quick tips for a successful home search Carefully create your wish list and try to fulfill it. If you go shopping with your partner, discuss your essential items and distribute switches together so that you are on the same page during your home search.
Remember that you are not only buying a house, but also the neighborhood. It is safe? Talk to neighbors and ask questions. Spend time in the area to determine if it offers the lifestyle amenities you’ll need.
I do not see too many houses in a day. You may begin to feel overwhelmed and confused after going through several houses. Too many houses in a short period of time will run together in your mind and you will not remember what kitchen or what master bedroom belonged to what house. Stay within your price range and take into account additional expenses such as taxes, owner association fees, maintenance, etc.
Preparation for home ownership within one year
If you plan to buy within the year, then your priority should now be to clear your credit. Extract those reports, see if there is anything that could hinder the process. Any past quota? Make all monthly payments on time. The key to obtaining a good mortgage rate is credit worthiness. Call me to discuss your credit. Make sure you have filed your taxes. Mortgage companies will need last 2 and sometimes 3 years of tax returns. SAVE SAVE SAVE! Make sure your money has been seasoned for 2 months, remember that all large sums of money must be Origin. In addition, it may be worth sitting down with a mortgage professional now and trying to get pre-approval. This way you will know in advance what your purchasing power is. And if you can not pre-approve, at least you’ll know why and you can start cleaning your profile.