A dream house is always in our wish list. It is one of those things we always want to have, but sometimes we do not have enough savings to have one. Loan comes into play. Buying one is not just like shopping in malls that you only need to swipe your credit card and sign a sheet of paper. The process is somehow tiring especially if you do not know what to do first. It is very important to follow the process so that you will not take time using unsystematic ways.
Do not think too much. You just need to follow this guide and you can have your own house in no time.
1. Have a great credit history – If your credit history is good, you can most likely have a loan. You need to clear your credit card as much as you can. Showing that you are a good payer can lead you to your loan. Check your FICO score. You need to have it within the range of 300-850.
2. Determine your capability to borrow and pay – You need to know how much is the worth of the house you are capable of paying. Check your monthly income. It is advised to consider up to 40{ecd1c82889c5dde6baa4cae2f6d3d4c330bac74c2b880dafaca78809ece33a56} of your salary to be allotted to mortgage. More than that may cause you trouble in the future. Settle within the boundaries of your capabilities to avoid paying too much interest due to payment lapses.
3. Go out and shop – With your budget on mind and loan at hand you can now shop for a house. Choose a house that you want. As much as possible, check the important details before deciding. Also, check the condition of the house if you are opting to buy a second hand house.
4. Negotiate an offer – All houses in the market can be negotiated as long as you know how. Try to ask for discounts. Usually, you can get that one especially if they see that you are serious on buying it.
5. Get your title – It requires signing some documents such as mortgage arrangements. These documents are very important. Read every point to ensure that you agreed in all of grounds of the contract. After, keep it secured. You need a lawyer to process the documents. It may cost you around few hundred dollars.
This may sound so long, but it is very easy to follow. If you need any clarifications and questions, you may always ask experts on real estate to have more concrete picture of everything.
