For so long, the prime season for moving and house hunting has been summer and…
Purchasing a home is the single largest investment most people are ever likely to make. It’s important to do your research before making such a large investment, so the fact that you’re reading this right now means that you are headed in the right direction.
We’re going to share some tips for first time homebuyers to help you do your due diligence.
Talk to a Real Estate Agent
Some people think that Jam real estate agents sell houses but, it’s very common these days for buyers to have an agent working for them. A cheap NBA jerseys good real estate agent will be able to guide you every step of the way, helping you to get the best home at the cheap NBA jerseys best price.
Check Your Credit
There’s a good chance you’re not going to be able to simply write a check to pay for your house. If you’re going to be applying for a home loan, the ???? lender is going to check your credit and it’s a good idea 5 if you do so as well.
If your credit is bad it’s going to be difficult to get approved for a home loan so it’s best if you know your credit score as early in the process as possible. If your credit is bad and you know about it, you can work on fixing it.
Figure out How Much You Can Really Afford
A bank is not going to lend you money if My they feel you are not going to be able to pay it back. A lender will typically allow someone to borrow money with a debt income ratio of up to 45%. To figure out what your debt to income ratio is, add up all üye of your bills and expenses including an Story estimate of what your monthly housing payment would be. Then divide that figure by your gross monthly income and this will give you your debt to income ratio.
Get a Home Inspection
You may walk through a home that looks absolutely perfect but, there could be problems that are not easy to detect. It’s a good idea to have a trained professional thoroughly inspect a home before you sign on the dotted line. If your home inspection does turn up any issues, cheap nba jerseys you can negotiate a better price for the house or you can negotiate to have the seller make the necessary repairs before you close on the deal.
First Time Buyers Resources in Rhode Island
The Rhode Island Housing website has a lot of resources for anyone buying a home, including first time homebuyers. They also have programs to help people with home equity loans, section 8 help, tax help, and much more. They recently launched a spinoff website specifically for first time homebuyers and and you can visit that website here http://loans.rhodeislandhousing.org/.
First Time Buyers Resources in Massachusetts
A great resource for people looking to buy houses in Massachusetts is the MassHousing website, https://www.masshousing.com.
You can also get a lot of great information from the department of housing and community development for Massachusetts. You can visit their website here, http://www.mass.gov/hed/economic/eohed/dhcd/