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Buying a home starts with preparation. Are you ready to start looking for homes for sale in Rockport Texas? Here are seven essential steps to take before you begin.
Check Your Credit Score
Your credit score impacts your mortgage rate. Typically, the higher your score, the lower your interest, so you end up paying much less money over the term of the loan.
Adjust Your Budget
Learn to follow the 28-36 budget rule. Your maximum household-related expenses should be less than 28 percent of your income. Debt such as loans and credit cards should be less than 36 percent.
Get Preapproved
Lenders look at your entire financial history, including debt, income and credit history. Getting a preapproval letter shows you how much you can afford to pay for a home. If you’re preapproved for $300,000, you can narrow your search to homes in this price range.
Build Up Your Down Payment
The amount of money you put down on a home has a direct correlation to your monthly payment. Therefore, although carving out money for a down payment can put a serious squeeze on how much you have for groceries, eating out and travel, it’s worth it to get a lower monthly payment on your mortgage. High debt can derail plans to save for a home, so try to pay down as much debt as possible while saving for the down payment.
Get an Agent
A real estate agent who knows the area you’re interested in can be a boon in many ways. First, they keep your best interests in mind, and second, they don’t get a commission until you purchase a home.
Don’t Skimp on an Inspection
Home inspections cover the home you want to purchase from the walls to the roof. Let’s say there’s a water leak. Instead of inheriting this problem without prior knowledge, you can use it to negotiate the price down. Just be sure you can afford to fix any problems that the inspector turns up.
If you’re looking for a home in the Rockport Texas area, contact Rockport Properties.
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