Sept. 6, 2019
Are you thinking about buying a Home? In this blog post, I will give you some basic tips to prepare yourself for the American Dream of homeownership.
First tip is to find out what your credit score is. Most programs need you to be at least 660 or higher to be able to purchase a home.
Second tip is to go to your bank or credit union and find out what you are approved for. They will tell you what the number is, for example: you are approved for up to $200,000.00 Never look for homes more than $215,000 as they will not go below $200,000.00 in most cases, especially since we are still in a Seller’s market.
Third tip is to know what your down payment is. Depending on the program, you may be required to put up to 20% of the purchase price as the down payment. However, talk to your lender, because there are programs that allow as little as 3% down. Keep in mind for anything less than 20%, you will be paying PMI ( Private Mortgage Insurance ) which will add to your monthly payment.
Fourth tip is to have money in your savings account to cover the Home Inspection, Earnest Money, Appraisal and other fees that the lender may charge you. You may be able to ask the Sellers for a credit to offset some of these fees. This is something you can talk to your Realtor about.
If you are Buying a Home in Wisconsin Dells or the surrounding area, you can always contact us to answer any questions you may have.
Kimball Realtors LLC loves helping Buyers find the home of their dreams. Wisconsin Dells Real Estate is our specialty. Contact us today. 608-477-3470