If you are like many couples who plan on getting married, they start off saving money for a wedding, then honeymooning to a unique place, then for a new home once they are married. This can be the most exciting time as two people build a life together and possibly a family. If you are also combining two separate homes into one, don’t forget about the expense of moving your valuables, across town or across the nation. Tru-Pak Moving Systems, a licensed, bonded, and insured independent agent for United Van Lines has been serving residents of Rutherfordton NC for over 60 years. We understand if you are a first-time home buyer there are several mistakes you will need to avoid when purchasing your home.
Do Not Ignore Your Budget
Since the 2007 housing market crash, lenders have become much stricter with their lending practices and guidelines for first time home buyers. Today, if you want to buy a home the standard % for a down payment, is 20% making home buying a considerable investment. Prior to embarking on a new house hunting spree, make sure you and your partner calculate your home purchasing budget and the affordable monthly budget you will make when you purchase your home. Here are some things to think about:
- Initial Down Payment, Inspection Fees, Closing Costs,
- Monthly Mortgage Payment (consider escrowing taxes and insurance into your monthly payment to avoid large, one-time yearly fees)
- Monthly utility costs (electric, water, cable, phone, internet)
- Association Dues if any.
- Renovations if necessary.
- Home Maintenance Expenses
If you are buying a house together your mortgage lender will not approve a mortgage payment of more than 25-28% of your combined gross monthly income. Figure out how much money you can apply towards a down payment, then work backward as to the amount of a home you can afford. Couples never want to buy a home and then struggle to pay bills because you have financially over-exerted yourselves.
A lender will also take a long look at your credit score, income, savings, outstanding bills, and loans, etc. These items will be taken into consideration to determine if you are a safe investment for receiving a home loan. Your combined credit score will also determine the loan rate you will receive from your lender. If you are considering buying a new dwelling, start monitoring your credit score. This will help you determine your viability to receive a loan and make sure everything is in order prior to start the loan process.
Prequalified for a Loan and Review Different Loan Options
A Qualified Real Estate Agent is essential for finding the right home that is both affordable and priced right. Real Estate Agent commissions are paid for by the seller not the buyer so pick the right one. The agent will want you to get pre-approved so they will know the price range you qualify for and can direct you to the right homes you can afford. Remember, lenders, set the amount of the loan you qualify for unless you have reserved capital and can buy the amount down needed to buy a home. Getting pre-qualified can keep you on track and on budget. If you are not satisfied with the amount you pre-qualify for, ask what it will take to qualify for a larger amount. Staying put or maybe renting a condo or apartment is an option until you can afford the home of your dreams.
Don’t Fall for Your First Home
The largest investment you will make is in shopping for a new home. That experience can be very exciting but beware, never make that decision based on looks alone. Let your agent research homes recently sold in the area to compare prices. You on the other hand need to investigate the neighborhood for crime and living conditions. You probably don’t want to buy the most expensive home in the neighborhood unless it’s a real deal. Home inspections are very important to avoid costly repairs and verify the value of the home.
Hiring Just Any Moving Company?
In Rutherfordton and the surrounding areas, there are many so-called professional moving companies to choose from. It is a good idea to review their websites, qualifications, services, and any affiliations they might have with a national carrier. Tru-Pak Moving Systems has incorporated unique, one-of-a-kind services not found in most of our competitors. We assign a “Moving Coordinator” to every move we make and an individualized “Moving Team” to handle each move, from start to finish anywhere in the country. Hire a qualified, experienced and professional moving company in Rutherfordton NC the next time you are in need of moving your valuables. We are licensed, bonded, and insured and have stellar online reviews. At Tru-Pak Moving Systems, we have been servicing North Carolina residents for over 60 years. We specialize in local and long-distance moving for residential, commercial, corporate, governmental, military, employee relocations, and freight and equipment hauling. Call us today for a free, online, or onsite moving quote @ 800-659-1233 ext. 210