In order to buy a house, you should plan on having enough savings to cover your closing costs and a down payment.
There are programs that allow you put very little money down depending on your individual situation. However, if you do not qualify for these, your down payment will normally need to be around 15% of the price To be on the safe side, you should always try to have 20% to put down.
If you don’t have 20% down, you’ll need PMI (private mortgage insurance). But, don’t be discouraged. You have options!
You’ll know that you are ready to buy a home when you know exactly how much you can afford. Stick to your limits and when you buy a home do not get into a mortgage that stretches your budget to thin.
Keep in mind that there is always more money involved with a home other than the mortgage payment. You also have to pay for utilities, homeowners insurance, property taxes, and maintenance. Owning and caring for a home requires a lot of time and responsibility.
These are just a few things to consider before you buy a home. If you have the money to put down and your credit is fairly decent, you could be on your way to owning your own home sooner than you think.
About the Author: Millie Gil has been a successful Licensed Real Estate agent for over 25 years in Florida. Millie is Vice President of Bold Real Estate Group, a boutique agency committed to concierge personalized service for discerning buyers, sellers and renters of residential and commercial properties. For more information please forward your request to email@example.com