Posted on: 04th Jul, 2013 12:57 am
I am planning to buy a house. What should I remember before purchasing?
Hi VD,
You should always remember that unless you pay off the mortgage in full, it will be a liability for you. Moreover, you will be liable for the maintenance of the property apart from the monthly mortgage payments. Get a clear idea of your financial situation or else you may be in a mess!
Take care
You should always remember that unless you pay off the mortgage in full, it will be a liability for you. Moreover, you will be liable for the maintenance of the property apart from the monthly mortgage payments. Get a clear idea of your financial situation or else you may be in a mess!
Take care
Welcome VD,
You should check your home affordability before you start shopping around for a mortgage. This will give you an idea as to how much mortgage you will be able to afford.
You should check your home affordability before you start shopping around for a mortgage. This will give you an idea as to how much mortgage you will be able to afford.
First get pre-approved for a home mortgage loan in order to know how much house you can afford. Then you should take a glance at your credit score. Conventional lenders demand a score above 700 and FHA lenders above 600. Check your DTI ratio too.