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4 Realistic Ways To Buy A More Expensive Home
4 Realistic Ways to Buy a More Expensive Home
Don’t even think about going into the home market without knowing these principles first. Are you prepared for the possible setbacks in this feat? Unfortunately , the information in this article seems simple but it's one thing to read these guidelines and another to follow it through with some serious action.
SAVE UP MORE
Sometimes we want to rush to get something new without realizing a couple of consequences that come from hasty buying. If you were planning on giving a down payment of let's say $20,000 maybe you should wait a bit more and reach 25-30k in savings. If you're price range is in the ballpark of a $130,000 home then you might want to wait till you get at least 30k for a down payment.
Debt, Debt and More Debt
It goes without saying that one MAJOR reason you can't afford you're dream home at the moment is the over bearing debt that lurks in the shadows. You're mortgage payments can benefit from this move. Banks will give you a lenient payment if you can drop you're debt-to-income ratio from the standard 36% to 25%. A big weight will lift off you're shoulders if you can do this successfully.
Improve Your Credit
I mentioned in a previous article How to Afford a Home with Low Income that the best mortgage rates are giving to people who have stellar credit. Ideally, you can qualify for programs like the Homebuyer Mortgage Program with a credit score as low as 620 to get yourself a loan. You want to raise you're score to the 700s if you want a chance at purchasing a pricier home. The higher the score , the lower your interest rates become while maintaining the low monthly payments.
If a more expensive home is a feat you strive for then I'm sure you've probably thought about it already but you may want to find sources of new income. Harvard grads know that the best jobs are the ones that you can create for yourself. Find another way to develop a new stream of income, invest in a side hobby that you can even BLOG about to make money. But blogging won't get you earnings fast enough, you might want to think about getting a second job to facilitate the funds. The beauty of a second job is that you can leave it once you achieve your saving goal!
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