Preparing to buy a home: Tips to help you plan for buying a house
Buying a house is one of the largest purchases you will make in your lifetime. It is an exciting process, but can be daunting if you are not properly prepared.
Diane Hughes, Senior Vice President for Mortgage Lending at UMB, recently appeared on KSHB Kansas City Live‡ to share tips with first time home buyers, and more experienced home buyers, to help them be more prepared when buying a home. Some of those tips included:
- Ensuring you have enough income to pay back the loan you’re taking out.
- Knowing your credit history.
- Making sure that your debt to income ratio is not going to prevent you from having any disposable income.
- Remembering that home-ownership costs do not start and end with the down payment and purchase price.
Diane wraps the segment up by sharing her thoughts on the current real estate market conditions for empty-nesters who may be considering now as a time to downsize.
With these tips in mind, you can begin the process of buying or selling a home prepared with information about your finances, the market and the exact features you’re looking for in a home. Read Diane’s earlier article discussing the process of buying a home, or visit our home loan page to learn more about the home-buying process.
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