Once you have completed the first steps, you will only need to call BHHS Spain, to advise you and find the ideal home beyond your needs. Buying a home is a life-changing event for you and your family. It's crucial that you educate yourself on the alternatives and make sure you've covered all the options before making a financial commitment. Follow these four steps to help you and your family get your finances in order...and on the road to a new home.
Step 1: Assess your financial situation
Before you start looking for a new home, you should make sure your income is stable and can handle the financial obligation of a mortgage. And it's a good idea to make sure you have an emergency fund to help cover unexpected expenses.
Step 2: Check your scoring
Having a good credit score can help considerably when negotiating a better interest rate on your mortgage loan. To get a clear picture of your credit health, get a copy of your Credit Report from your bank. If there are any inaccuracies, contact the bank to make a correction, as it could help improve your overall score.
Step 3: Calculate your price range
Analyze the cost of your new home and how much you can afford. This means doing some research and taking into account all possible housing-related expenses, such as mortgage payments, homeowner's insurance, property taxes, utilities, homeowner's association dues, maintenance costs, etc.
Paso 4: Ahorra para el pago inicial
Conventional loans have a minimum down payment ranging from 5% to 20%; once you have your down payment goal, designate a monthly amount to put toward it in a separate savings account. Remember, the more you can put down when you buy, the lower your monthly payment will be and the less interest you will pay overall.
Once you have completed the first steps, you will only need to call BHHS Spain, to advise you and find the ideal home beyond your needs.