How do you know if you're ready to purchase a home? That's a great question,
and it deserves a great answer! #1. If you are renting, rent is so high
that it's cheaper to own. If you can afford rent, you can afford to own. Homes
are appreciating at an amazing rate. The easiest way to make an extra $25K
per year is to own a home. For every month you pay rent, you
lose an estimated $2K worth of appreciation - plus, you give up
your home interest tax deduction. Next, check your credit score. Lenders can work
with you if your score is around 650 or above. The higher your credit score, the
lower your interest rate; so, if it's low, work on raising it! It's often not hard
to do, and it may not take that long. #3. if you're getting a tax refund, a bonus, or a
raise (and some people are getting all three), put that money to work for you!
Rather than spending it like it's a birthday gift, investing in a home is one
of the best ways to securely multiply your money. If you've been able to save
at least a little money, you're probably ready to purchase a home. The amount
you've saved isn't always as important as the discipline that it demonstrates.
Lenders love to see good habits, and you will need some funds to cover closing
costs and inspections. It's even better if you save enough for a down payment.
If you can put down 20%, you can avoid private mortgage insurance (PMI). Finally, if you plan
to stay in the area, buy a home. Do not wait! Remember that the appreciating home
prices we see every month works against you if you don't own. Now is a great time
to purchase a home because interest rates are still very low, but they're starting to
climb! As rates go up, less people can afford to buy. That means more people
rent, and rent goes up. So, don't wait! If you have questions about buying a home,
please give me a call 365.394.1823.
Thank you!
Velyn Steward, Real Estate Answerman
For more infomation >> Half of Democratic candidates for governor answer questions at forum in Madison - Duration: 3:18. 
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