Buying a new home is an exciting adventure, but it can also be a bit daunting; especially when working through the financial aspects involved. Let experienced and sympathetic Woodridge IL real estate agent, Paul Titterington, walk you through some helpful hints when it comes to the finances involved in buying a house. For any other real estate services, contact Realtor Paul Titterington using the contact link above.
Before the search for a home begins, do some foundational work on your financial stability. Ideally, it is wise to pay off all of your debt. Consider these categories:
Also, save up 10% to 20% of the down payment of the house you will be looking for. It is also a good idea to have about three months of expenses set aside in case of unexpected emergencies. No doubt this might seem to be a high financial standard. However, do as much as is reasonable. The more you prepare financially, the better shape you will be in as you approach the costs of owning a home.
Remember These Expenses
Before you start shopping around for a house, understand what you will be able to afford. In general, your monthly mortgage payment should not exceed twenty-five percent of your total net pay. Keep in mind that the greater your down payment, the lower you monthly payment will be. Using an online calculator can give you a more accurate estimate. Also, consult a qualified lender. They can consider how much you make, all your debt, and your credit score to determine the type of loan you might be able to get. For recommendations on lenders, contact Woodridge IL Realtor Paul Titterington. He can help you with every step of the home buying process.
The cost of a house is much more than the monthly mortgage payment. You will also have to cover the closing costs and several other fees. They can total up to three percent of the mortgage amount. Remember these:
Tips for Saving Money
There’s no doubt that the best way to prepare for the upcoming costs involved with buying a house is to save, save, save. As an experienced real estate agent in Woodridge IL, it is safe to say that this is an area we can all improve upon. Here are a few tips to saving:
Real Estate Broker Paul Titterington, Platinum Partners Realtors
Address: 5200 Main St, Downers Grove, IL 60515
Phone: (630) 363-0054