Brad Tinker SC finance and real estate professional guides in NC? Assuming you need a 20 percent down payment. The long-held belief that you must put 20 percent down payment is a myth. While a 20 percent down payment does help you avoid paying private mortgage insurance, many buyers today don’t want (or can’t) put down that much money. In fact, the median down payment on a home is 13 percent, according to the National Association of Realtors. How this affects you: Delaying your home purchase to save up 20 percent could take years, and you could limit cash flow that could be put to better use maximizing your retirement savings, adding to your emergency fund or paying down high-interest debt. What to do instead: Consider other mortgage options. You can put as little as 3 percent down for a conventional mortgage (note: you’ll pay mortgage insurance). Some government-insured loans require 3.5 percent down or zero down, in some cases. Plus, check with your local or state housing programs to see if you qualify for housing assistance programs designed for first-time buyers.
This should be a necessity for anyone who is buying real estate. You don’t want to buy a home that has a crack in the foundation or needs a new roof. A home inspection can spot these and other things that are wrong with the house, which gives you far more negotiating power, and it gives you a reasonable idea of what to expect in terms of expenses for the future. What type of storage space does the estate have? Is it a luxury home with plenty of space, or is it going to be a tight squeeze when you move all of your stuff in? This is important as you begin your home search, you want to set proper expectations for how much room you’ll really need.
Brad Tinker South Carolina is a financial advisor professional in the US. Spend Less Than You Earn: Yeah, yeah, I know, it sounds obvious, right? Well, it must not be because according to CNBC, 78% of Americans working full-time are living paycheck to paycheck. Here’s the thing: It’s easy to KNOW that you should be spending less than you earn, it’s a lot harder to actually do it. However, if you want to escape the paycheck-to-paycheck lifestyle that so many others live, you need to spend less than you earn. This is one of the most crucial but basic personal finance tips ever. In order to do this, you need to track your spending. You can do this by either writing your purchases down or by using a free personal finance app. Business Debt: There are a lot of online business ideas you can start on the cheap these days, but a small investment can also go a long way in certain endeavors. Business loans are considered good debt because they are put towards something with the goal of increasing your net worth.
Any Realtor will tell you that homes that do not get shown have a tough time getting sold. The last thing you want to do is make it difficult for your agent to get their clients into your home. If you require buyers to make appointments during a restrictive timeframe or way in advance, they will more than likely go to other places that are easy to get into or even cross your home off the list.
Develop A Mortgage Shopping Cart. One of the biggest decisions to make before putting a contract on a home is how to finance the purchase. Lenders aggressively compete for your mortgage business in a variety of ways. Today, you can apply for a loan over the Internet or even use a mortgage broker to shop for your loan with hundreds of lenders. When choosing a lender, compare fixed rates to fixed rates, not fixed rates to ARM’s, etc. Create a chart that lists different types of loans, fees, and at least five mortgage providers (including a mortgage broker). Find more info on Brad Tinker NC.
