Looking to buy a house and the first thing you as a buyer want to do is look at houses . Of course you do . You are excited t know what you want . Many times you look at a sign or on the Internet call and want to look at the house . You may call an agent that someone told you to call and ask them to show it to you . You see the house and decide you want it then find out you cannot buy it . Why not ? Well you may not be qualified under mortgage guidelines . It is called income to debt ratio . How disappointing
You started in the middle instead of at the beginning . You need to start at the beginning especially in a hot market . It is important to sit down with a mortgage banker first . By sitting down with a mortgage banker you can find out just how much money you can afford for a house . Not just in price but in how much you will need to put down You will also need closing costs . Perhaps there are special programs out there specifically suited for someone in your income bracket . Maybe there is a way to receive seller assist in the transaction .These are all things you need to be aware of before you start your home search .You also want to know what the house will cost you each month with taxes and insurance factored in This will help determine the price of the house you will be looking at .
Unless you are paying cash these steps need to be taken . Mortgage money is the cheapest money you can borrow and is still a write off on your income tax . It may also be a good idea to ask your accountant how much of a tax write off you will get with your Real Estate taxes included . Take that number divide it by twelve and subtract it from your mortgage . Much better then paying rent .
Once these steps have been taken you are on your way to homeownership. You are successfully qualified to buy a house . I think I forgot to mention you called an agent like me that had you bring all the proper documentation to the mortgage banker . We are on our way to purchasing a house .The mortgage banker copied all your info .
We just need to find the perfect house for you You will know when you do .
You will get that feeling this is home
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