Should I Buy A Home Or Rent?

When you are thinking of buying a home, the first thing that you must truly consider is your budget. Note: There is a subtle difference between a real estate agent and a Realtor®; the latter is a member of the National Association of Realtors® and adheres to a code of ethics. Hiring a professional who knows how to inspect a house before you buy it is an essential part of the home buying process.

Some want a sales contract in hand first before they go to the time and expense of reviewing a borrower for a loan. Unlike rent payments, the interest you pay with your mortgage payments can be tax-deductible. Try one like A mortgage calculator tells you how much you can spend on a house for the monthly payment you want.

Look for information on comparable sales and for sale by owner websites to get a better feel for how the local real estate market is operating. The buyer is responsible for more than the mortgage payment. If the monthly payments go up and you can’t afford it you can end up losing the house.

The approval of a seller assist is sometimes influenced by the Realtor or the agent responsible for processing the loan or the sale as a whole. Buying a house is a minefield full of I didn’t know thats.” From choosing the right home to qualifying for the best mortgage, you want to minimize the things you don’t know.

If you think buying a house in your 20s is possible without a realtor, you have more to learn first before taking the step. That’s an extra cost added to your monthly mortgage payment, and it doesn’t go toward paying off your mortgage balance. My next article will provide an in-depth look at the Appraisal and Home Inspection process and the Underwriting phase of getting your mortgage loan approved.