What’s Great About Owning a Home
What’s Great About Owning a Home
February 1, 2017
3 Big Projects You Can Tackle This Spring With a Cash Out Refinance
3 Projects To Tackle This Spring With a Cash Out Refinance
February 6, 2017
Stop Renting and Buy a Home Already

While homeowning is the dream for thousands of people across the country, many feel that they are stuck renting.  It’s not always true.  Here are a few questions that you should be asking yourself as you decide to stop renting and buy a home already.

“DO I HAVE A STEADY JOB AND RELIABLE INCOME?”

Life is life, of course, and things always change.  You can never be 100% sure that you will always have the same job, but you need to be very certain that you aren’t in imminent danger of losing your job.  Do everything you can to make sure that your income is secure and stable.

“IS MY CREDIT HISTORY REASONABLE?”

You can get approved if you have had a foreclosure or short sale on your record.  You can even get a home with less than perfect credit.  But it has to be reasonable.  You have to show that you are willing and able to pay your bills.  No late payments, no turned off utilities, keep it clean.  Show that you are responsible and you can buy a home.

“DO I HAVE MONEY SAVED UP FOR MORE THAN JUST MY DOWN PAYMENT?”

Even if you are using a 100% financed home, or an FHA mortgage with just 3.5% down, you have to make sure that you have more than that saved up.  Every home, even a new one, is expensive. There are TONS of little bills that pop up out of nowhere to blow up your budget.

Also, don’t forget about the things like homeowners insurance, real estate taxes, and utilities.  These are expenses that can drain you quickly and make it hard for you to make your mortgage payments if you don’t plan ahead.

Set aside 1.5% of your home’s value yearly for maintenance and repairs. You won’t always need it, but you’ll be glad to have it when your water heater breaks or your air conditioner fails in August.

If you want to buy a new home or use a cash out refinance to remodel an old one, call us in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515 or Nashville at (615) 810-8555. You can always apply online at www.thehomeloanexpert.com, and we’re also open on Saturdays to better serve you. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?