The new year is upon us and resolutions are going to begin to take shape. For some, healthy eating may be a priority. For others, it may be the dream of home ownership and truly taking part in the “American Dream.”
But with rising interest rates, many first-time homebuyers may be skeptical about joining home ownership. Here are a few tips to see if it is right for you and your family:
- Credit is important when obtaining a mortgage and knowing your credit score is essential in knowing what you will get approved for. It is important that at the beginning of your homebuying search that you get a copy of your report and look for any obvious errors, which is always very possible and you may not even realize that. This way you may be able to correct mistakes with your loan officer before it is too late.
- Don’t open new credit card accounts during the mortgage process. That’s because lenders review credit reports and look at credit scores and when you open a new credit card account, your credit changes. This can impact how much you get approved for and can be the difference in getting the home of your dreams and not getting it at all.
- Rents are raising higher than interest rates these days. Check to see if your current lease is getting raised next year and compare it to what your mortgage payment will be on a new home. This will help decide if you should move forward now or not.
There are many moving parts when purchasing and financing a home. It is important to ask questions and get correct answers for reputable people and companies such as Alliant Title & Escrow. With over 50 years of combined legal experience in Florida residential and commercial real estate, we would be more than happy to answer all your questions. Call 561-912-0922 today.