With interest rates dropping into "under 3% levels", the move to buy for both 1st time homebuyers and those moving from their current homes, has skyrocketed! Knowing and limiting yourself to your price range can be difficult. Ask questions from ALL the persons involved in your transaction...including your Realtor!
Getting pre-qualified for a mortgage will help some understand the ceiling on their price range. However, it is equally important to understand whether the monthly payment on a new home is not only feasible for you, but also comfortable! Consider the following questions: Is it more or less than your current housing payment? Can you make the new payment without impacting your lifestyle and budget? Assuming a household’s income is never a guarantee, is there a safety blanket to maintain payments for a period of time?
With low interest rates on other "large ticket items": cars, furniture and more, I want to caution every qualifying buyer to avoid opening any new credit lines, increasing the balances on credit cards or other loans, or drawing from savings accounts that will be utilized for down payments and closing costs. This could lead to a delay in closing, or worse, cause a buyer to no longer qualify for a loan!
Questions…need a referral to a mortgage professional? Call me @ 713-594-7391.
25+ years of Helping Buyers and Sellers With Their Real Estate Needs.