Factors To Consider Before Buying Your First Home

Posted by Admirals Cove Homes on Jul 23, 2013 in Home | 0 comments

Most Americans hope to one day own their own home. It not only provides a huge sense of accomplishment, it can also be a great investment. Buying a home can be a big deal though, so if you are thinking about finally getting into the housing market in Admirals Cove, consider the following factors before doing so.

Can you afford it?- While the mortgage payment can be less than a monthly rent payment, it does not necessarily mean that you can afford the home. When people start budgeting to buy a home, there are a lot of factors that are not considered. Down payment, closing costs, homeowners’ association fees and insurance are all things that need to be factored into the budget. Also, as a homeowner, you are now responsible for paying for anything that breaks or needs to be repaired in the house.

How’s your credit?- It is important to check your credit very carefully before getting pre-approved. Many people have errors on their credit report that they don’t even know about that can negatively affect their approval. Your credit is one of the top factors in not only determining if you will be approved for a loan but also what your interest rate will be.

For more information on home listings in Admirals Cove, contact Rob Thomson and the rest of the Admirals Cove team at (561) 743-0344 or acteam@wfpcc.com.