3 Things A First Time Home Buyer Must Do Before Buying A House ( Connecticut )
First time home buying is a little more complex than most people realize. This process is not like any other type of purchase you are going to be making. In order to ensure that you are able to purchase a home, you’ll need to have several components in place. With that in mind, consider the following 3 things a first-time home buyer must do before buying a house today.
Know What You Can Afford
It’s not enough to have an estimate of what you can afford in terms of a home. It’s imperative to know exact numbers. You’ll need to be very specific with how much money one has for a down payment, income to debt ratios, and specific price ranges. Without this integral knowledge, a first-time home buyer will be turned away from their dream home, and will be left wondering why. Knowing the numbers is one of the most important things to work with.
The Pre-Qualification Element
The second piece to the proverbial puzzle is found here, getting pre-qualified. First time home buyers have to consider speaking to a mortgage company to ensure that they are able to get the right loan. Many times, buyers assume that they have enough to qualify for their dream home, but banks aren’t so quick to agree. Banks look into minutia that others do not think about, and will focus on whether a person truly qualifies for a loan that is 15 years, or even 30 years in length.
Cut Down Debt
The debt to income ratio is a big component of whether or not you can purchase a home. First time home buyers have some leeway, however, but they still need to have low debt to income ratios. This is specifically true to the effect of credit card debt. Credit card debt needs to be paid down and cleared out. Other loans should be paid down as well, leaving few debts to be paid. This is a tricky element, but it’s imperative to work with if one is to purchase a home for the first time.
These are just 3 things that a first-time home buyer must do and consider before buying a home. Buying a home is not an open and shut case, it takes a great deal of factors to get it done. You cannot simply write a check for a home and walk away. There are several things that are needed in order to ensure a home can be purchased, most often with a large loan.
Get more essential tips for a first-time home buyer that is looking for a home to love.
Related Terms: Ct Real Estate , Connecticut Real Estate, CT Home buying
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