Buying a home is one of the most important decisions in the life of many families, since it involves committing family income for periods of up to 20 years.
If you intend to purchase a home there are 5 aspects that we recommend you consider.
- Analyze your economic power. Ensure that your mortgage and other debts do not exceed 30% of the family income. If your debts exceed this limit, it may be that the house you want is above your income level. It is recommended that you allocate a part of your salary for contingencies and emergencies. Also make sure that all your expenses are safeguarded by your income in the family budget.
- Pay attention to interest rates. When hiring a mortgage loan with a banking institution, analyze the interest rates they offer house buyers houston. There are other expenses such as insurance and commissions. Pay attention also if the rate is fixed or if there are annual adjustments.
- Protect your credit history.Insolvency is one of the parameters that credit institutions consider when granting mortgage loans, so it is very important that you have good control over your financial debts. It is advisable not to use credits at the same time to acquire other goods such as cars, clothing and appliances.
- Consider second-hand housing. In the used housing market there are many opportunities to acquire a home with good location and at a better price. It is also advisable to consider factors such as levels of surplus value, size, area and type of property.
- Do not lose your home, negotiate.If you can not pay your mortgage credit, it is advisable to go to the institution that has given you the credit and propose a restructuring of it. The sooner you do it, the better and you will have better bargaining power.
We hope that these 5 tips will be useful when buying a new property or when negotiating your next mortgage.
