Getting Your Finances In Order
To prepare yourself for the transition of ownership vs. rent, or even for buying up or any other scenario, you may like to plan ahead of time.
1. An actual accounting of your income and expense over a period of six months would be very helpful. It may reflect unexpected expenses, or other cost that you may forget to
take into account if you look at just one month sample.
2. Go over the details of your expenses, you may see some ways to save.
3. Your installment loans should be within 10% of your total income, this will look attractive to your bank, if it is higher, try to reduce your debt ratio and for the time being, eliminate or reduce credit card purchases.
4. There are 100% mortgages, other mortgages with 3% to 5% down payment, you also will have the banks closing cost, and the regular escrow closing cost. The more you save toward higher down payment, the better the interest rate you will get.
5. You may like to decide on a certain amount a month that you can save and put away in a special fund to go toward increasing your savings & down payment.
6. Be sure to hold on to your job, at least until you finalize the purchase of your home, having employment history of two years is more attractive to your lender.
7. Be sure to pay special attention to your credit score, make your payments in a timely manner. This is crucial, will talk next about ways to improve your credit score.
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Kay F Osman has been assisting buyers realize their home
buying dreams for over 30 years. She can help you get the
right home at the right price.
To PingMe (Call me free), click here:
http://4u-web.com/rp/new.html
Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer’s Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com
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Tags: Your finances- buying a home in Hawaii
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