3 Tips For Homebuyers Before Buying A Home

Before you start your home-buying journey, make sure you’re educated on the process. This can potentially save you a ton of money in the form of your monthly payment and make sure you are prepared to close. Do you know what goes into closing costs or the importance of your FICO score? If you said no to either of those, here are some valuable tips.

You never want to be stunned by the amount of the closing costs to finalize the purchase of their new home. Avoid this last-minute shock altogether and address closing costs for san diego home buyersclosing costs well before you get to the table. Your lender and real estate agent can help with this. When you’re pulling the contract together, ask about your options. If up-front closing costs are a problem, you can look into mortgage loans that work them into your mortgage payment to work around the up-front costs.

Tip 2: Know who is responsible for closing costs

Similar to the way home buyers need to know the true cost of closing, you need to be aware of who is responsible for paying them. Be sure to communicate with the seller clearly throughout the home-buying process, as many times they will agree to assume the closing costs on behalf of the buyer in order to close the deal. This could be in the form of a higher offer to absorb the extra cost to the seller. Buyers should understand that even if they don’t have enough cash to cover both the down payment and closing at the time of sale, there are negotiable alternatives.

Tip 3: Understand the value of your credit score

Your credit score is crucial in determining your eligibility for mortgage loans, so don’t be surprised if you end up with a higher interest rate if your credit score is low. If you’re planning on applying for mortgage loans in the near future, focus on paying off debt to build up your credit score. The strength of those three numbers  (your FICO score) will make or break your home-buying experience. Getting a higher interest rate will cost you extra money during the life of the loan.


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