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It doesn't matter if you're a first time home buyer, or an experienced one, buying a house in Surreys Homes Orlando requires a methodical process. Here are some essential must-dos and things you should know before buying a house in with any builder!
Build Up Your Credit Score! If you're planning on buying a house in Orlando FL, it is important to strengthen your credit score. Since you'll most likely need a mortgage to buy your house, you need to make sure it's as squeaky clean as it can be! To avoid any unforseen problems when buying a house, get copies of your credit report to make sure everything is correct and there aren't any problems that need to be fixed beforehand.
Figure Out How Much You Can Truly Afford! When thinking about buying a house in Surrey Homes, it is important to find out how much house you can truly afford! And, there are different ways of figuring this out. If you're using FHA financing, as almost one-fifth of buyers do, your home payment cannot exceed 31% of your income. And, for a regular loan, an easy formula to follow is not to have home expenses go over 28% of your monthly income.
Save Money For Your Down Payment & Closing Fees! When buying a house in Oralndo FL, it is essential to save money for your down payment and closing costs! You can save from 3.5% up to 20% for your down payment. Putting a nice down payment can reduce your mortgage payment significantly, which will help your monthly budget and save you tons of interest in the long run! For example, on a 30 year mortgage with 5% interest, putting a $10,000 down payment could save you up to $9,000 in interest over the term of the loan. Another important thing about having a larger down payment is that you won't need mortgage insurance, this is if you can afford to deposit more than 20% of the house value.
Hire A Home Inspector! Another crucial step before buying a house with Surrey Homes Orlando is to always hire a home inspector! A home inspector is specialized in assessing a property and finding things a normal home buyer can't see. Sure, the house might look beautiful to the naked eye, but what if there are foundation problems, issues with draining, or even termites? Buying a house is a major investment, and you need to find out that the house is 100% free of problems before buying it! A home inspector will provide you with a report of all his findings on the home, which can save you a ton of money and frustrations down the road!
Buy A House You Like! And, finally, when buying a house in Orlando, FL to buy a house you really like! You'll likely be living in this house for many years, maybe even raising a family there. You need to make sure this is the house that's going to make you happy for many years to come!
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