Are You Ready to Buy a Home?

by shafranrealty-chime-me

Buying a home is one of the biggest investments you will make in your life, which is why it is so important to ensure that you are ready to buy a home. Ask yourself these questions before you even start looking for homes.

Can I afford it? A home costs more than just the monthly mortgage payment. Make sure you have budgeted for insurance, utilities, taxes, and maintenance costs.
Do I have money for a down payment? Most lenders require a down payment of at least 5 percent of the total value of the home.
How is my credit? You will have a hard time getting a loan if your credit score is below 620. If you do get a loan with a low credit score, it may require you to put down a larger down payment.
Am I planning on staying for a while? If you do not stay in your home for at least three years, you will most likely lose money on your investment.

If you have decided that you are ready to buy a home in North San Diego County, contact The Alan Shafran Group.