Off Market real estate and financial guides with Brad Tinker SC? Buying more house than you can afford. It’s easy to fall in love with homes that might stretch your budget, but overextending yourself is never a good idea. And with home prices still rising, this is easier said than done. How this affects you: Buying a home that exceeds your budget can put you at higher risk of losing your home if you fall on tough financial times. You’ll also have less wiggle room in your monthly budget for other bills and expenses. What to do instead: Focus on what monthly payment you can afford rather than fixating on the maximum loan amount you qualify for. Just because you can qualify for a $300,000 loan, that doesn’t mean you can afford the monthly payments that come with it. Factor in your other obligations that don’t show on a credit report when determining how much house you can afford.
When looking at homes, you should seriously consider ignoring paint and landscaping. These are two items that are easy to fix, and they should not impact your decision making when purchasing a house. If the home has a terrific location and the paint/landscaping is poor you shouldn’t rule it out, you have to be able to envision what the house will look like when you move in and make changes. A lot of time buyers will not be able to overlook paint or landscaping and this gives an opportunity for others who know how easy it is to fix. Location is something you can’t change, paint and landscaping is something you can.
Brad Tinker North Carolina is a financial advisor expert in the US. You might hear the word “budget” and cringe a little, but you shouldn’t. Budgeting is not hard, and it doesn’t mean you have to stop doing things you enjoy. Budgeting is simply creating a plan for your money so you have a better idea of where it’s going every month. A popular and effective way to budget is with the 50/30/20 rule. How it works is 50% of your income goes towards the necessities (bills, food, housing, etc.), 20% of your income goes towards savings and the remaining 30% you can use for whatever you please. This is a nice and easy way to break down your paycheck, but you might need to adjust it a bit to fit your lifestyle. Mortgage: This one’s a tricky one, but mortgages are generally considered good debt. They are usually long-term loans with low interest rates, so you’ll still have money freed up for investments and such. The interest from mortgages is also tax deductible, so that’s a bonus. In the end, it’s up to you to decide whether purchasing a home is the right move, as the value of a house will not always rise as some people think. You’ll also have to add in the expenses of property tax, utilities, and home insurance.
Any Realtor will tell you that homes that do not get shown have a tough time getting sold. The last thing you want to do is make it difficult for your agent to get their clients into your home. If you require buyers to make appointments during a restrictive timeframe or way in advance, they will more than likely go to other places that are easy to get into or even cross your home off the list.
Develop A Mortgage Shopping Cart. One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. Lenders aggressively compete for your mortgage business in a variety of ways. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, compare fixed rates to fixed rates, not fixed rates to ARM’s, etc. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker). Read additional information on Brad Tinker SC.