After all, buying a home is still one of the goals that many modern people aim for – even though each person pursues a different ideal of life. The leading experts themselves also encourage young people to buy a house as soon as their ability allows.
People who have a whole block of real estate in hand, owning several villas, think before each decision to buy a house, it is not clear; Just know, buying a house for the first time is definitely not easy for those who are inexperienced.
Here are 6 questions that people buying a home for the first time The most questions and concerns, is also the issue for those who are planning to consider:
* Questions 1:
According to real estate experts, a general rule of thumb for buying a home is to spend about 25% of your monthly income on home expenses. In addition to the cost of the mortgage, keep in mind that this amount should include other expenses like property taxes, insurance premiums, and home maintenance and repairs.
* Question 2:
According to financial experts, the debt determines whether you qualify for a mortgage or not.
Lenders want to make sure the amount owed + monthly interest does not exceed 43% of your gross income. Paying off your credit card or paying off a consumer loan are ways to effectively improve your DTI.
* Question 3:
* Question 4:
Lenders often have stricter requirements for self-employed people who want to get a mortgage.
* Question 5:
“If your new job is in the same field as your previous job and you’re paying the same or more, it shouldn’t matter.” Andy Taylor said.
However, assuming your new job takes you into a new industry or your salary drops, this could make it harder for you to get approved for a loan. If you expect this to be the case, it’s best to proactively reach out and notify your loan advisor of this change before starting the application process, Taylor recommends. .
* Question 6:
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