With an excellent climate for home buyers, it’s unlikely you’ll be able to jump into the housing market in the coming year without some preparations, like securing the best possible home mortgage. Consider these tips as your task checklist for making homeownership a reality in 2020!
Review Your Income and Spending
Review your investments, banking and credit card statements thoroughly for accuracy and start to ferret out any unnecessary expenses. While you’re at it, evaluate your income to see if it can be increased over the near term. Take some time to review your current housing spending, including rent or mortgage, insurance, monthly homeowners association fees, taxes and maintenance. Are you comfortable with the amount? If not, how much more or less would you ideally like to spend each month?
Sock Away That Down Payment
Many experts agree that homebuyers should aim to have a 20% down payment ready when looking for a new house. While there are many mortgage options that allow for a lower down payment, they typically require private mortgage insurance or a similar regular payment.
Tune up Your Credit Score
The first step is to request copies of your full credit report from all three reporting agencies.
Check each statement thoroughly for errors and mistakes and remedy any mistakes using the exact instructions found on the report. Next, pay down revolving balances as much as possible while still meeting your down payment savings goals. To keep your credit score at its highest, you’ll also want to avoid any major credit purchases or opening any new lines of credit.
Gather Your Paperwork
This is the perfect time to organize all the paperwork necessary to buy a home. A typical mortgage application will require Federal and state tax returns, Bank statements, Income statement or letter of employment, among many other requirements.
Get A Realtor!
While anyone can pull up online listings and visit open houses, a wise real estate agent specializing in your local area is indispensable when it comes to saving time, energy and money. From housing starts to mortgage rates and sales trends, there’s a sea of data available on the real estate economy. Trying to make heads or tails of it all and what it means to your specific goals is a challenge, especially when much of it is written for a national audience or a specific editorial agenda.
Choose CPD Homes partner Keller Williams Greater Cleveland – The WLee Team!
TALK TO US! CPD Homes is a Cleveland, Ohio-based company and we buy houses in Cleveland Ohio from struggling landlords, distressed homeowners and even individuals who are looking for a sound investment yielding significant ROI. CPD Homes offers solutions to all homeowners through our knowledge and the knowledge of our broker partner – the best in town. We also buy houses in any kind of distressed real estate situation. Many homeowners in the United States struggle with home ownership, which is why CPD Homes established its service of helping distressed homeowners and making homeownership a reality in the coming 2020!.
Need more information? Call us now and we’ll make you an offer — no risk or obligation. Feel free to contact us at 216-619-4387. We can buy your house in Cleveland Ohio – FAST!