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Buying a Home - Questions to ask before buying a home
Buying a home - are you ready?
You can find out if you're ready to buy a home by asking yourself some questions:
- Do I have a steady source of income (usually a job)? Have I been employed on a regular basis for the last 2-3 years? Is my current income reliable?
- Do I have a good record of paying my bills?
- Do I have few outstanding long-term debts, like car payments?
- Do I have money saved for a down payment
- Do I have the ability to pay a mortgage every month, plus additional costs?
If you can answer "yes" to these questions, you are probably ready to qualify for a mortgage loan to finance buying a home.
Buying a Home - What factors affect mortgage payments?
- The amount of the down payment.
- The size of the mortgage loan.
- The interest rate.
- The length of the repayment term and payment schedule
Buying a Home - How do I determine the initial offer?
Unless you have a buyer's agent, remember that the agent works for the seller. Make a point of asking him or her to keep your discussions and information confidential. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price.
Calculating your offer should involve several factors:
- What homes sell for in the area.
- The home's condition.
- How long it's been on the market.
- Financing terms.
- The seller's situation.
By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And, be prepared for give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.