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New Home Real Estate Buying Tips
The following article covers a topic that has recently moved to center stage--at least it seems that way. If you've been thinking you need to know more about it, here's your opportunity.
Homes come in a variety of sizes, shapes and forms. Broadly you will come across the following basic types of homes and their variations.
1. Single Family Homes
2. Townhouses
3. Condos
4. Lofts
Single Family Homes
By far the most common form of housing in America is the single family detached home. These types of homes range from 600 square feet bungalows to 6000(or more) square feet sprawling mansions.
The most important difference is that single-family dwellings sit on their own piece of land (which is sold part and parcel with the home) and it is not attached to anyone else's residence.
Townhouses
Townhouses are the "middle ground" between a detached single family home and a full-fledged condominium because, to some degree, they have features of both.
A townhouse is a home that is attached to one or more other houses, but which sits directly on a parcel of land that you also own (if you don't own the land, it is a condominium). Townhouses can range from duplexes and triplexes, all the way through to huge townhouse communities consisting of hundreds of similar homes. . .
Real Estate Resources
Buying a home is one of the greatest investments you will ever make. The best -- and least stressful -- way to purchase a home is to be well educated throughout the process.
Before you even start looking for a house to buy, you need to review your financial situation. This will let you know how much of a down payment you can afford and how large a monthly mortgage payment you can handle. Lenders will look at the ration of how much you make to how much you owe. Most will require that your monthly housing costs remain under 28% of your total monthly income and that your total debt is less than 36% of your monthly income.
But you should look at what fits into your budget, not what the lender says you can afford. If you are currently making a rent payment of $1200 a month and barely getting by, how could you expect a mortgage of that size with the added insurance and maintenance costs of owning a home? You have to go with what works for your budget and finances. Remember, you can always work your way up to a larger home over time.
Once you have determined how much home you can afford, you need to check on your credit report and score. Lenders will rely heavily on your credit score when deciding whether or not to lend to you. It will also help decide how much interest you will pay. Your credit score is determined by the information in your credit file. If something is incorrect, your score will be affected.
Your score is made up of your payment history, your outstanding debts and how often you apply for credit. Most lenders will use your FICO score. If you have a score of over 700, you should have no problem finding financing.
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