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Top 4 financial tips for buying home

Buying a home is a lifetime investment. If you take decision carefully, then you will be able to buy a home within budget. Here are some financial tips for buying home.

Create a budget

You should find out how much your household income is every month. You need to then find out your monthly expenses. This will include all kinds of bills and debt payments as well. It is said that your home ownership cost will be 25% more than your income. So, find out how much you can spend every month on your mortgage.

Improve credit score

You need to get a good mortgage to buy a house. Your credit score must be 740 or more in order to get a low-interest mortgage. You should pay off debts, pay bills on due dates and stop switching employment too often.

Know the actual cost of the house

The price mentioned for the house is not the only thing you pay. Many people assume that all they need to pay is the downpayment. But you should not forget about the closing cost. The closing cost can be 2% to 3.5% of the total cost of your home. So, when you make a budget for your house, you should include this cost as well. There are also other additional costs like home inspections, home insurance, property taxes, etc. These must be included in the budget as well.

Create a savings account

If you plan to buy a house in a few years, it is a good idea to open up a savings account. Every month you should save some money in that account so that you can pay your downpayment.

You need to save money for buying home.  You should maintain a good lifestyle so that your debt is small and you have a good income flow every month. This will keep your credit score high and you will have a good chance of getting a mortgage for your home. If you plan your finances well you will be able to buy a house within your budget.

5 reasons your mortgage application may be denied

Most people apply for a mortgage in order to buy a house. It is quite challenging to get a mortgage nowadays. The financial institutions look into various factors before they approve a mortgage application. There is always a risk that your mortgage application may be rejected. Here are some of the reasons your mortgage application may be denied.

Poor credit score

This is the first criteria for getting a good mortgage. You need to have a good credit score. So, you must pay your bills regularly and don’t have any debt. Any bankruptcy or foreclosure cases may also lower your credit score.

Insufficient income

If you cannot demonstrate sufficient source of income, your application will be rejected. The banks would like to see that you are solvent enough to pay off your mortgage every month.

Change of employment

The banks want to see that you have been employed consistently for two years in one job. If you switch jobs often then it will affect your mortgage application negatively.

Debt to income ratio

Your debt to income ratio is an indication whether you are in good financial standing. You should have fewer debts. Your ratio must be low.  If your ratio is more than 43%, then your mortgage application will be rejected.

Low down payment

Usually, it is required to pay 5% to 25% down payment when buying a home. If your downpayment amount is too low then your application may be rejected.

Before applying for a mortgage, you must make sure that your credit score is good, you are in good financial standing and you are in a stable job. Otherwise, your mortgage application may be denied.

5 reasons why your house is not selling in a seller’s market

Your house is in a seller’s market, yet it isn’t selling. What’s the problem? There may be various reasons why your house is not being picked up by a prospective buyer. Here are some of the reasons for it.

House is valued too high

You may have asked an unrealistic price for your house. That’s why your house isn’t selling. You should do a thorough research on the market and see how the properties in the neighborhood are valued. Your property should be priced accordingly.

The condition of the house is not good

If the condition of your house is not good, the house won’t sell. You need to fix the major problems in your house and renovate the house, if possible. If the paint is coming off, then you should spend money on new paint. If the roof needs to be fixed then you should do it. Sometimes, when you have old furniture and appliances, the buyers won’t be interested in buying your house. So, you need to upgrade your furniture and appliances as well.

Problem with the title

If there is any problem with the title of your home, then the buyers seem to shy away. Nobody wants to buy such house and get into trouble later on. This usually happens when the house is transferred from one family member to the other or you paid-off mortgage is still showing as a lien on the home. You need to resolve these before selling the property.

Photos of the house are not good

Many people decide on the property looking at the photos online. If the photos of your property are not taken professionally, then it will not appeal to the buyers. So, you should hire a professional photographer to take the photos.

You are not ready to negotiate

You shouldn’t assume that your house will be sold at the asking price. You should have room for negotiation. So, when the buyer offers you a price, you should consider it seriously.

Your real estate agent plays a big role in selling your home. If your house is not listed or marketed properly then it won’t sell even on a seller’s market. So, you should hire a reputed real estate agent with proven track records of selling homes fast.