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How do I get ready for home ownership?

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How do I get ready for home ownership?

December 01,2021 Jose Perez 0comments

If you are like many renters, you are wondering if you can purchase a home and get out of the rental game. You know the one. Where the landlord makes all the money, gives you crappy service as a tenant, doesn’t respond to issues, and they keep all your security deposit at the end. The one where your rent goes up every year. The one where you don’t get to build EQUITY (a nest egg) for you and your families future. Yeah, that one!!

There is always a time and a place for renting. There is always a time for home ownership. You have heard the benefits of home ownership, and they are true.

The question is, “Are you ready for homeownership?” IF you don’t know the answer to that, call the Pros at Real Estate Pros and our team of professionals and partners will help you determine your current situation, and what you need to go to get ready. To start, there are steps you can do to get ready. First, start with the basics. You may already have done some or all of these, but to get started here are the first 3 things you need to do.

First, clean up that credit. Look at your credit reports or use apps like Credit Karma to get control of your credit, and clean up late charges. Make payments on time is the biggest factor. Second, reduce your debt, so that the Debt-To-Income Ratio starts to improve. This is a ratio between what you earn and what you owe. Lenders really focus on this, so get the debt down. Third, save, save and save some more. You will need money for the down payment, for an FHA First Time Home Buyer is 3.5% down payment. Then you have closing costs with the lender and with the title. Those can be from 2% to 3% of the purchase price. Finally, you need to have funds to pay for your inspections, your appraisal, your survey. Those are typically paid by the buyer, out of pocket.  Here are some tips for saving for a down payment.

Now you are ready for the pre-approval. Here is where you and the lender work together to find out how much you can afford, not only in purchase price but for your monthly payment. Very important to know this, many buyers are scared because they don’t know. Knowledge is Power. Here are some simple steps to get going. You already have your Pro, we are, so focus on the rest. Live Happily Ever After!!!

So call us today, 407-381-7861, or email us today Info@RealEstateProsFL.com and we will guide you and help you along. We want to get your Happily Ever After!!!

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