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December 22, 2017

Are You Ready to Buy a New House?

There’s nothing like the thrill of moving into a brand new house built just for you. Before you start shopping for new homes in Victoria TX, there are a few questions you should ask yourself. The answers will let you know whether you’re prepared to purchase a new home and what steps you might need to take to be fully ready when you find the home of your dreams.

Do you have enough saved for a down payment? A 20% percent down payment will allow you to avoid having to pay private mortgage insurance, known as PMI. You may still get a loan with a smaller down payment, but you’ll likely have to pay PMI and your interest rate may be slightly higher. Be sure you also have the necessary funds for closing costs, moving expenses and any new furniture you may need to buy.

Can you cover the monthly expenses? In addition to your monthly mortgage payment, you’ll have utility bills to pay. Your property taxes will have to be budgeted for if they’re not part of your mortgage payment. In many communities you’ll also have homeowners’ association fees. Be sure you have enough room in your budget to allow for fluctuations in monthly expenses.

Can you afford to maintain the home? Today’s new homes are designed to require minimal maintenance. Even so, you’ll need to budget for lawn care, seasonal HVAC maintenance and other ongoing expenses to keep your new home looking and functioning its best for years to come. Experts suggest setting aside 1% of the home’s purchase price per year for maintenance and updates.

Is your income stable? Lenders want to see income and employment stability for at least the past two years. They want to be fairly certain that you’ll continue to have the same or better income going forward.

Is your credit good? Check your reports and clear up any issues before applying for a mortgage.  Try to pay down some of your existing debt, but don’t close accounts, take on new accounts or max out your credit cards before applying for a mortgage.

Are you ready to put down roots? Once your finances are in order, you can consider whether you are ready to settle into a new home and where that should be. Look at communities online and visit them in person to decide where you want to live. Then you can choose the new home that’s right for you!

When you can answer these questions with confidence, you’ll be ready to purchase one of the quality new homes in Victoria TX offered by Steve Klein Custom Builder.

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