Real Estate

Buying a Home? Consider These Financial Factors First

dt-amac-wordpress-home-improvement-may-2015By – Amy Norman

When you’re considering buying a home, there are several factors you need to think about before you start shopping.

Below are a few items that should be on your checklist to help prepare you for the home buying process.

What can you comfortably afford?

Getting a pre-qualification from your Loan Officer will help you decide what sales price range to look in.

Understand your mortgage options

Talk with your Loan Officer about a loan program that best fits your needs. Talk about the advantages and disadvantages  and what to consider with each program offered.

What are the interest rates?

The interest rate indicates the price at which you can borrow money. The rates are still historically low, and CBC National Bank offers a lock and look program that allows you to lock in on a low interest rate while looking for that perfect home.

How is your credit?

Your credit score plays a big part in qualifying for a home loan as they help your Loan Officer decide what program you qualify for. It could vary as much as half a point in interest rate. The better the credit score, the lower the interest rate.

How much money do you have to put down on a house?

The amount of down payment plays an important role because it’s a percentage of your home’s purchase price that you pay up front when you close on your home loan.

Know your key players in your home buying experience

Your Loan Officer, your Real Estate Professional, the Seller’s Real Estate Professional, the Appraiser, the Inspector, and the Title Company all play a vital role in your home buying experience.

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