April 2, 2016 – Home ownership is probably the epitome of independence. Knowing that you now own your very own house can be very overwhelming. It’s a good sign that you can now face the world alone or even start building your own family. However, when you decide that you want to be a homeowner, it is important that you know that you’re actually ready to be one and not just because you want to.
Before you decide, do your homework first. Are you ready to take that big leap? You’ve rented all your life and now you wish to have a house to your name but the question is are you even familiar with mortgage? Do you know about your credit score and how it can affect your monthly payments? Before you jump into making a decision, you should fist make a checklist for yourself.
First, you should enhance your credit score. Why does this matter? Well, credit scores represent a person’s creditworthiness. This is what lenders use to evaluate the risks of lending money to a consumer. If you have a good credit score, chances are you’d get a great deal. Normally, a credit score of 700 to 720 can get you good deals but if you have a credit score of 750 and above, you may be able to get the best rates. However, if your credit score is 680 or 660 then you would have to pay for a rather sizable fee or be given the option to pay for a higher down payment. Always take time to review your credit score and pull out your credit reports so that you would be able to strengthen it before you buy a home.
Next, you would have to know how much you can afford. Take into consideration how much you earn, how much the house will cost and how much it would take to maintain the house. Make sure to save for a down payment and secure payment for closing costs.
Lastly, you should buy the house that you want. Remember, you may be buying the only house in your life and as much as possible, you may want to consider your wants as well as your needs. There are many houses for sale in Pattaya but make sure that the house you choose is the one you truly want.