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Questions to Ask Yourself Before Buying a House

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By : Leticia Carvalho    99 or more times read
Can you afford your dream house? Is it the perfect timing? These are just a few questions that we hope to answer to help you know if you are really ready to buy yourself a home.

What is your “BUDGET”?

Check if all of your expenses are within your takings especially your home mortgage. Make sure that housing fees, like your monthly mortgage payments, property tax, electric bill, condo fees, etc., are under 42 percent of your family’s income. The lower housing payments are the better so that in case rates change or you have a financial slump, you can still manage this baggage.

How much are YOU WORTH?

Know your net worth. You can avail loans easier if you have a positive net worth. Regularly monitor it to make sure that it is rising.

What can you REALLY buy?

You can do this with your own calculator to see how much you can manage. But it would be best to have professional home mortgage lenders or brokers assess how much you can or can not afford.

Inquire from one company to another until you find the perfect match. Each lending company has different set of offers so you should not get stuck in one. If lenders can not give you what you want, ask home mortgage brokers, they may answer your need.

But after assessment, you have the job to analyze the subject to yourself since you are the one who will suffer if you make a hasty decision. Remember: rates change. Can you still manage your loan in case rates increase?

Do you really, really need to buy the house NOW?

The housing market is very unstable nowadays. A few years back house were 10 percent pricier then with our current economy it is now on a three-sixty with bad investment returns. Then consider if your chosen property would be a great family investment.

If you have confidently answered these questions, go find your dream property and run to a trusted mortgage professional to handle your finances. They will give you great advice.
Leticia Carvalho has been educated in the finer points of the foreclosure market over 5 years.

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