Jenny Wolfes San Jose - Things You Should Know About Buying A House

1. Jenny Wolfes San Jose - Things You Should Know About Buying A House How exciting! You’re about to go into so much debt that it could take you 30 years to get out of it – kidding. You’ve probably heard that real estate is a great investment. And it totally is! But, in some cases buying a house can be a nightmare in disguise. You never really feel like you’re ready to buy your first home – or you might not even know what actually goes into buying a home. Whatever the case, we are here to give you the low down on what you should know before buying your first home. If you check off all these boxes then your first home purchase will go easy breezy Getting Approved Is More Than Just Your Income Before you even begin thinking of purchasing a home you need to make sure you’re even approved. A family knew the amount they wanted to spend on a house and what they could afford. But, thy didn’t realize the approval process was more than just what they wanted to spend! There are multiple different factors that go into a pre-approval process. The main ones are: Income: Based on your income, they'll figure out how much you can afford. The higher income, the higher the loan. That doesn’t mean that if you have a low income you won’t get approved for a loan. In this, you should always consider expert advice from professionals like Jenny Wolfes San Jose to get better and accurate information. Job Length:

2. Typically you need to currently be at the same job for 2 years or more. This isn’t the time to be switching jobs or trying to figure out your career path. They want to see consistency. We are nog saying you can’t get a loan, because it can be done. You’ll just have to jump through a lot more hoops if you’re recently switched jobs in the last 2 years. Credit Score: Using your credit score they can figure out how loan worthy you are. Just make your payments, people. If you don’t make your payments they’re not going to loan you the money. There’s More Expenses Than Just A Mortgage Payment You’ve got your pre-approval back, and you’re pleasantly surprised that they approved you for more than you thought. This is where home buyer makes the single biggest mistake. Extra Cost: Not only do you have to consider PMI, but closing costs. You’re going to spend anywhere from 2% -5% of the home price on closing costs. If you feel completely comfortable and the confident that you can pay for closing costs and put a decent amount down then you’re pretty safe. In a buyer market you have a lot more leeway. You have the deciding power of finding a home that you truly love . You also have the opportunity to even come in under asking price. If you know that you’re in a seller’s market and are afraid of paying way too much for house.