Archive for the ‘Real Estate’ Category
It’s a great time to buy your first airpark home. Interest rates are at all time low levels which means that your monthly mortgage payment will be lower. And you will save on throwing away money on rent as your monthly payments will build equity in the property. You also have the advantage of being able to decorate and remodel to fit your needs.
So it’s a great idea to own….well yes, it it fits your needs. You need to be stable and stay in your home for a few years to make it worthwhile. You need to have the income that will allow you to pay your mortgage every month. Is your job stable? You will also have to pay for repairs and maintenance as these things come up, water heaters break, roofs leak, yards need cleaned. All these things that you don’t have to think about as a renter will be part of your life.
Another important element when considering buying is the down payment. You will need to save up 20% of the purchase price before you consider buying. However there are some types of government loans where the down payments are as low as 3.5%. So get saving and shop around!
Another consideration is getting a loan. This is not as easy as it use to be before the economic decline. These days banks and other lending institutions will look very closely at your financial situation – your income, your expenses, your credit history before approving you for a loan. Your credit history is important so you may want to get a copy of your current credit report to review. Lenders will review it for late payments or other credit problems that may affect the chance that you will be approved. It is possible to clear up mistakes or errors but you should do this well in advance of your loan application.
If you do get approved for a loan bear in mind that this will probably be the largest money transaction you will be involved in. This will add stress to your life. Before looking for a home it is worthwhile to figure out what you can afford. There are mortgage calculators that can help you come up with a figure. Once you determine this you can ask a lender to be pre-approved for the amount and you can start house hunting for your dream airpark home.
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