Before committing to a mortgage, there are a number of things you need to consider regarding your income and expenditure, and how these might change. The importance of ensuring you can afford a mortgage prior to signing up cannot be overstated.
A mortgage is a very serious obligation. You are committing to making monthly repayments continuously for 25 years or more, and if you fail to do so, your home can be re-possessed by the lender. This means that the answer to ‘What size of mortgage should I take out?’ must be that you should only agree to a deal where you are totally confident you will be able to meet the repayments.
Your lender must also satisfy itself of your ability to meet the payments. Many lenders operate a formula based on your income and any existing commitments to determine how much they may be prepared to lend. Read More »
Buying a home is an exciting time in anyone’s life. Whether this is your first time buying or you’re trading in your equity for something a little bigger, you’re bound to be overwhelmed with information about what you need. For novice buyers, here are the basics you need to know about buying a home:
Your Finances
The first question you’ll need to ask yourself is what you can afford. This factor is going to depend on home buying regulations and incentives in your area of residence, the current economics surrounding home buyership, and what your current financial situation looks like. Remember, it’s not necessarily about the big overall number; it’s about what you can afford to pay every month. Even if you’re approved for a large loan, that doesn’t mean you should spend the maximum amount. Keep in mind that you’ll typically also need 3% to 5% of the total purchase price to pay for closing costs upfront, and the bank will likely require a certain percentage (anywhere from 5% to 20%) upfront as a down payment. Read More »
For first time home buyers there prospect of investing in property can be incredibly daunting. In fact you may find it easiest to snap up the first house that falls into your price range or decide to carry on letting instead. There is no reason to be scared of investing in property and this article can help you to understand the process of purchasing your first home.
The property market is currently a buyer’s market where prices are reasonable and easily negotiable. However, while property prices are good, getting finance for the property isn’t as easy as it has been in previous years. Yet there are ways to get around this and to obtain financing even in the tougher markets. If you are looking to obtain financing for yourself so that you can buy a new home then these tips may help you get started. Read More »
For homebuyers, and particularly first-time purchasers, the hiring of a home inspector before closing escrow and the sale is critical. Too often home-builders are pushing escrow closings to get the sales finalized and move onto the next units in the development phase. Unfortunately, errors are frequently made that should be fixed before turning the keys over. Some are small and cosmetic. Others are structural in nature, capable of causing serious problems years later. Whichever the case, a buyer is well-served knowing what he’s getting in a house before closing the deal. Read More »
Throughout the recession, Texas has made news for its ability to create jobs. While most people are aware that Texas enjoys the benefit of being home to many companies involved in the oil and power industry, less known is the state’s robust customer service industry, particularly the communities that make up the growing Rio South Texas area, including the towns of McAllen, Edinburg, and Mission.
One reason businesses are moving to Rio South Texas is the number of bilingual residents. Located near the United States-Mexico border, over half of the 1.2 million residents are reportedly bilingual, a sought-after skill for customer service call centers, Business Process Outsourcing (BPO), retail and industrial companies. For example, Maximus recently opened a new center that expects to hire upwards of 400 workers. Read More »