Picking the right home in Shasta County can be difficult. It’s hard to decide which property is best for your family. Every home has its advantages and disadvantages. It helps to know where you stand before you start looking for a home. Decide what you want and need, set limits on what you can afford, figure out what you can get a loan for, and look at what’s available on the market. Narrow down your choices based upon those factors and you’ll find the right house for your family.
Landing a Mortgage with Your Credit Score
Everyone wants to buy a home, but not everyone is qualified to do so. Before you do any home shopping, make sure you are eligible to secure a mortgage loan. Is your credit score and income sufficient to convince a bank or lender that you’re a safe investment? Getting a mortgage is more difficult today than it was a few years ago. You will most likely need to have a down payment of up to 20% of the mortgage amount plus closing costs ready to go before a bank will approve your mortgage loan.
Be Realistic About How Much House You Can Afford
Maximum mortgage amounts that banks will lend you depend upon your gross income and minimum debt payments. Prequalification amounts aren’t necessarily an accurate reflection of your situation. Just because you prequalify for a home mortgage of $500,000 doesn’t mean you can afford that much house.
It’s possible that you could be spending a lot more money every month than is showing up in your gross income report. You could be paying more than the minimum monthly payment on your bills or there could be bills that you’re paying on but not reporting on your loan application that affect your bottom line and ability to pay your mortgage. Your retirement contributions, health insurance, Flex account contributions, and other monthly costs that are automatically deducted from your paychecks could cost more than is accurately portrayed, too.
There are a lot of different scenarios that could happen that would make it impossible for you to make your monthly mortgage payment. It’s best to buy a home you know you can afford. Leaving a little wiggle room in your budget just means you’ll have a happier and more secure life when emergencies inevitably arise.
Be Mindful of Your Location
Where you purchase your new home depends upon what you want out of your life. Do you need to get far away from where you grew up, stake a claim, and flourish in a new environment? Do you want to stay close to home so it’s easy to check up on your parents and other loved ones? Are you looking to live close, but not too close to your loved ones? Analyze your needs and make a decision about what you want and need from your life. Your home purchase can help you meet your goals or it can set you back. Make sure you’re making the best choice for your future happiness and wellbeing.
Preferred Style of the Home
We all have our own personal preferences. Some people like ranch style homes. Other people like two story bungalows. Others like studio apartments. There’s a home for home buyers of all preferences in Shasta County. If you know you want a ranch style home with an open floor plan and a two car garage, it doesn’t make sense to waste time looking at apartments. Being open-minded is great, but don’t settle for a home that won’t make you happy. Narrow down the available choices and get what you want.
Have a Backup Plan Ready
The home buying process is arduous and stressful. Don’t get your heart set on a home until an offer is accepted. The real estate in Shasta County moves fast. One day a house will be on the market, and the next it’ll be gone. Always have a backup property on the back burner in case the deal doesn’t go through or someone else gets an offer accepted before you do. Remember that a house is just a structure until you make it your home. It’s not the end of the world if you don’t get the house you want most.
Narrowing down your choices based upon affordability, loan approval status, loan amounts, and housing availability helps you to decide which home is best for you and your family. After factoring in these points and narrowing the field, choose the five homes that you like best. Go view these properties and choose your favorite two homes. Choose which one you want to make an offer on and go for it!
The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.
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