SGI Realty One Real Estate Blog

It's a buyer's market and you want to make sure you make the right choices when purchasing your dream home.  Here are a few pointers to consider when coming up with a realistic number that you can afford:

1.  Employment Status:  A stable job and income are essential to lender.  This will tell them if you're a reliable borrower and will make your payments on time.

2.  Credit Score:  Every card and loan you've opened is figured into your credit score ( ranging from 300-850 ).  Lenders use this as a 'report card' to see how much of a risk you are and will determine what kind of rates and how much you will be approved for.

3.  Number of Dependants:  Children, parents or anyone that is counting on you financially is something to factor in when determining how much home you can afford.  Medical bills, school tuition and daycare are a few costly expenses to think about when coming up with your home price.

4.  Desired Location:  You hear it all the time: "location, location, location".  In many cases this is what you're paying for.  Consider a home not at the top of your list to save on the purchase price!

5.  Your Savings:  You'll need money for a down payment many experts recommend you put down at least 10%-20%.

Think about these notes above when looking into the next home you want to buy.

Until next time,

Tim D.

>>Complete details on the Cash Back Rebate Program. If you have any questions please do not hesitate to Contact us<<