How to Know if You’re Ready To Purchase a Home

Purchasing a house is a commitment unlike any other. So, to prepare you for the house hunting, comparing rates, take this time and take a look at your current situation and how this could impact things going forward for you. 

Personal checklist:

Benefits of Buying A Home

Benefits Of Renting A Home

How to Evaluate Your Financial Current Situation Before Purchasing A Home

Purchasing a home is arguably the largest purchase you’ll ever make. However, it is vital that you make sure your financial house is in order.

Here is a checklist to follow:

How to Determine Your Down Payment

How much you potentially need for a down payment weighs on the type of loan and how much the house costs during that time. The more you can put away for a down payment, the lower your monthly payment can be. Also it helps determine how much you’ll save on interest. 

Most loans require a down payment of at least 5% of a home's price. FHA loans require as little as 3.5%. 

Alongside with your down payment, you'll have to pay closing costs, and or fees associated with delivering and locking up your loan. These can change or be different depending on the price of the house and the type of mortgage. In general however, estimate between 2% and 5% of the home's value.

Why Choose Tampa Bay Home Mortgage

Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance with the person and their needs. Choose us today!