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PRESQUE ISLE, Maine (WAGM) -The real estate market is a buyer’s market right now. But before you sign on any dotted line, consider some important tips that will make buying your DREAM home…a DREAM transaction. Shawn Cunningham reports in this week’s Real Estate Matters.
Before you unpack the MOVING BOXES in brand new dream home, you need to first realize the homebuying experience has a lot of moving pieces. And ensuring you’re financially able to purchase a home is always step one. Included in that finding out if and how much of a mortgage do you qualify for?
Stephanie Fields Realtor, Fields Realty LLC.
“you do not wanna be mortgage poor house poor we say that a lot in real estate to the buyers a lender may tell you you can afford a 300 thousand dollar house but can you really afford that when you sit down and do your own audit of your own living expenses can you really afford that…you want to remember the 30% of the borrower’s income monthly income when you really figure out can you really afford the home.”
Shawn Cunningham NO STANDUP
Staying with finances another step to consider is being realistic about how much home can you actually afford?
“we have seen first time homebuyers the lender will say you’re preaprroved for 300 thousand they buy that home to realize we are house poor we can’t go on vacation they didn’t take into consideration their entertainment food utilities clothing college expenses everyday living expenses…”
Also whose on your team…that is who will help you find a home and guide you through the purchase?
“speak to your lender understand your payments speak to the lender professionals so that the realtors once you find a home and we make an offer we can submit that preapproved your comfortable…”
When its all said and done, you can unpack those boxes and breathe a sigh of relief…relaxing into new home ownership. Shawn Cunningham NS 8.
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