Whether you’ve got a child on the way, you’re escaping a neighborhood that’s being ravaged by foreclosures, or you just feel that you want to move on and broaden your horizons, affording a new home is never easy. If you’re trying to get a plan together for moving into your next home, but you’re finding all kinds of financial obstacles in the way, here are some helpful steps for affording your next home.
Polish Up Your Credit
Like any big financial pursuit these days, your credit score is going to make a huge difference to the interest rate you have access to, and lenders may be much stricter than they were the last time you were in the market for a home. Visit a site like Credit Karma to see your credit score for free, and get advice on the steps you can take to improve it. In the meantime, the most important thing is making sure your debts are paid on time, you’re keeping your outstanding debt as low as possible, and that you’re rubbing out anything that’s incorrect on your credit report. With a healthy enough credit score, all kinds of doors will open up to you—quite literally!
Keep an Open Mind
Okay, so what if you’d still struggle to find some property that’s suitable for you and your family? Perhaps the issue isn’t so much in your bank account, but in the parameters you use for searching. If you’re having to relocate because you or your spouse have got a new job near a particularly expensive area, consider approaching your boss and talking about the possibility of a remote job. If you’re simply looking to upgrade from your current home, or move to a more pleasant neighborhood, consider how much you really need a house the same size as you have now. You may find complexes like the ones from Meriton Apartments which are to your tastes. Obviously, there are going to be a few non-negotiable limits you have to place on your property search. However, when it comes to the things that are negotiable, try to keep an open mind and shoot for more affordable property.
Take Your Time Looking for a Mortgage
If you’ve been comparing mortgages, then the differences between the ones in your range have probably seemed pretty insignificant. However, even if you go with a slightly higher rate, it can make a real difference over the course of the mortgage. You may be cheating yourself out of a much better deal by sticking to your bank and not exploring any other options. For example, going to a non-profit credit union can give you access to much lower rates. Even the occasional brokerage firm will offer mortgages, along with considerable discounts if you have a substantial account with them already. There are a lot of options out there, so don’t admit defeat too early in your search.
Mia Guerra
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