You’ve been searching the Internet or maybe seen some properties in person and now you’re ready to buy. Here’s a list of items you will need before you make your offer.
- Down payment – Depending upon the loan you choose, be prepared to put anywhere between 5-10% down as well as closing costs.
- Emergency Fund – Even if you’re currently living debt free, it is important to have 3-9 months salary just in case you have an emergency such as your car breaking down, or your hot water heater died. The emergency fund will keep you out of debt.
- Steady income – Buying real estate is a longtime commitment. Make sure you have the money to pay the mortgage as well as maintenance items.
- Budget – Keep track of your expenses and determine where you’re sending your money. Work in items like homeowners insurance, property taxes, mortgage payments and savings. Make sure you can live on the budget and stick to it.
- Credit score – Having a good credit score, determines your interest rate and how much money you can borrow. Make sure your credit score is in good condition and clean up any errors.
- Tom Healy – I’ve been helping people in the South Jersey and Philadelphia, find the home that fits their needs for over 20years. Let my knowledge work for you.