Understanding real estate finances and avoiding mistakes before buying or refinancing.
Exciting times! Proper planning is key to a great home-buying experience. Let me help you achieve the best home buying experience. To improve your chances of getting good loan terms and interest rates, and to reduce financial stress and the risk of default, you should focus on maintaining a high credit score, keeping your expenses low, following a budget, and having long-term employment. These factors also demonstrate financial stability and responsibility to potential lenders, enhancing your creditworthiness and chances of loan approval. Without these qualities, you may need to make a bigger down payment of 20%-30% to cover the higher lending risk, which could limit your options when buying and increase your financial burden. Make sure to have an emergency fund before buying a home. An emergency fund can help you with unexpected expenses or job loss to keep making mortgage payments without financial stress. It's crucial to have a safety net in place to protect you from unforeseen circumstances and preserve your financial stability. Having an emergency fund can help you deal with unexpected challenges while still managing your financial responsibilities confidently. Having an emergency fund gives you peace of mind because you have a cushion to rely on if something unexpected happens. It can make you feel safe and help you deal with tough times without worrying about money