Learn What the Pros Know About Buying a House
There are a great deal of considerations to make when contemplating home buying – after all, it may just be the biggest purchase you make in your life. So, mistakes can be costly. A good OKC realtor can help you through the process, and provide some insider tips along the way. What do realtors wish you knew about the home buying process?
1. You can save money on your down payment.
Traditionally, homebuyers are expected to have at least 20% of a home’s value as a down payment. However, your realtor may be able to fill you in on one of several programs. Some types of loans offer reduced down payments, down payment matching by employers, or loans and grants to help cover the down payment. Speak with your realtor to determine if you qualify.
You may be missing hidden costs.
Although your down payment may not have to be 20%, you could be failing to calculate a number of hidden costs, such as HOA, inspection fees, increased mortgage insurance due to a decreased down payment, and property taxes. Ask your realtor, or others in the neighborhood about other potential hidden costs you may be missing.
Keep your debt-to-income ratio in mind.
This one’s fairly simple. Never spend more than 25% of your monthly income on your mortgage. Over time, other home related expenses, such as repairs and maintenance, can eat away at your savings, and by the time you can no longer make your mortgage payments, it’s too late. Don’t become house-poor.
Getting pre-approved for your home loan makes things much easier on you as a buyer. You won’t be looking at homes you can’t afford, and having a pre-approved number can give you a lot of buying power if you find yourself in a deadlock with another set of buyers.
Are you looking for a house in OKC? Metro First Realty at Lake Hefner is your premiere realtor in OKC and can get you the right start in your home buying process. Contact us for a consultation today.