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Is it the Right Time to Buy a Home?
Posted on November 4th, 2007 No commentsThe answer to this question is almost synonymous to the question of “Are you ready to buy a home?” It will not be a simple get-up-and-go situation in times of job change or over-all neighborhood decline. The cost of selling a house would likely amount to at least 10% of your home’s value in terms of agent fees, closing costs and moving expenses and you have to WAIT.
Being financially prepared is having steady employment, a good credit score and a ready down-payment. This will ensure that you get the best mortgage rate in the market. It is important to note that home areas that experienced huge appreciation over the past few years are bound to have its prices returned to more affordable levels.
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Be a Responsible Borrower
Borrowing a significant amount of money through a loan entails a certain level of discipline and commitment in order to ensure that your obligations as a borrower are consistently met. There is nothing worse than reneging on your responsibilities to the lending institution or bank that approved your loan application. By not following your responsibilities you will put a negative mark on your credit records. Moreover, the assets that you have declared (if it is a secured loan) may become in danger of being foreclosed. Read More