If you’re buying your first home, you’ve probably spent a lot of time looking into home loans in Farmington Hills, Michigan. At Gem Home Loans, we hope you decide to choose us to help your home buying process go as smoothly as possible. We know how scary it can be to try to get a loan. That’s why we take the time to carefully explain all of your options, and make it our priority to keep you comfortable. Here are some tips to help you make sure you’re ready to purchase a home.
You obviously want to make sure you’re financially ready to make this kind of commitment. In order to qualify for a loan, you’re going to need a stable income. But that doesn’t mean you have to give up on your dream if you don’t have what most would consider a “traditional” job. No matter what your career may be, keep a close eye on your income, so both you and your lender will know how much home you can afford while still being able to pay the rest of your bills.
This is a very important question to answer, especially when it comes to buying a home. No one can predict the future, of course, but you want to really think about where you plan on being. Do you think you’ll get married or have children? Do you think you’ll be in the same job? If you have any reason to think you’ll be moving in the near future, or you might need a larger home, it might be smarter to wait a little while.
You want to know as much as possible regarding the neighborhoods where you’re thinking of relocating. If you’re already familiar with the area you want to live, that’s great. If you don’t, take a tour and get a feel – check into the schools, look at the stores that are nearby, and also consider other area amenities, such as parks.
The higher your credit score, the better your interest rate will be. Paying down as much debt as you can will really help you save a lot of money in the long run. But don’t get discouraged if you can’t get your score where you want it to be. There are loan programs that you can still qualify for; programs that can help you get into a new home.
This is what scares off a lot of potential homebuyers. They think they have to put at least 20 percent down – but that’s not necessarily the case. There are loans that only require 3.5 percent down, and others that don’t require any sort of down payment at all.
Buying a home can be a complex undertaking, whether you’re buying your first one or your fifth or sixth. If you have any questions or concerns, always ask your loan officer or realtor. The reason they are in business is to provide the best possible customer service, and to make the experience easy. Getting advice from a professional can help give you a sense of calm. Even if it turns out this isn’t the right time to buy a home, you’ll have a great plan of action to eventually make it happen.
Contact Gem Home Loans and we’ll be happy to help you decide if buying a home in Farmington Hills, Michigan is the right thing to do. Use our online contact form or call (248) 780-1030.