Before a person decides to buy their first home, they want to be sure that they are in a financial position to do so. Many have found that it is best if they pay off all their debt and build an emergency fund before saving for a down payment on a home. This will give them a lot more flexibility if emergencies arise later.
Before contacting local real estate brokers in Lakewood Ranch, Fl, an individual needs to know how much they can afford. There are a variety of online tools that a person can use to figure out how much they would have to pay for a monthly mortgage based on how much the down payment would be and how much a house is worth. This monthly payment plus taxes, insurance, and homeowner association fees should not be more than 25 percent of a person’s monthly take-home pay.
A person may wonder how much they should save for a down payment. A good rule of thumb to stick to is at least 20 percent of the value of the home. There are some mortgage options that do not require a person to make a down payment. However, before a person would use these options, they should do their research.
Something that would be beneficial when a person is working with local real estate brokers in Lakewood Ranch, FL, is to get a pre-approved loan. This would give them a lot more buying power and would speed along the buying process.
Learn how Michael Chenkus – Lakewood Ranch Real Estate Agent can help those who are interested in buying real estate by contacting at 941-348-2653.
