Things To Consider Before Buying A House

If buying your own home is one of the goals you have for your retirement

, you may find that the current buyer's market in some parts of the country beneficial to house-shopping - you can get a larger house for what you pay for, in comparison to what you could buy in the past years.

The industry's current state of growth also gives you more options for negotiation towards repairs, closing costs, and other points for negotiation prior to buying your home. What can make the process difficult, however, are the effects of the economic crisis on securing a home mortgage. Prior to buying a house, you should review your finances, including your credit score, your debt versus your income, and other relevant factors that could affect the rates you get.

Obtain copies of your credit reports from all three major report providers, as well as your credit scores. This enables you to know what your credit score is, and how it compares to the higher requirements many lenders have.

After deciding on your mortgage lender, research on the various loan rates and programs available, or consult with a loan officer, if possible. It's recommended that you bring your bank statements, pay slips, and documentation of other sources of income. This will allow you and the loan officer to better picture your income-debt ratio and how much you have in terms of existing assets.

Identifying the areas where you wish to buy your home is also important. This will help you gauge the area's property tax, and the price range of potential homes. Your loan officer can come up with a more accurate estimate for the amount you have to borrow, plus the monthly payment amount you're eligible for.

Aside from buying your own home, you can also rent one. Many seniors veer towards home ownership as the more desirable option, although the hidden expenses that come with buying a home can be a burden. Think twice before investing, and contact your financial advisor prior to buying or renting a home.

by: Carina Smith

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