Facts about flood insurance

Make owning real estate, enjoyable, pleasurable, and wise, by being prepared! Are you, ready, and able to be a happy owner?

Many people consider, home ownership, as a key component, in the so - called, American Dream, but, unfortunately, many fail, to proceed, in a needed - informed manner, in order to make a decision, which makes the most sense, for them! After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have come to realize, and believe, the better - informed, and prepared, a potential buyer, may, be, the happier the eventual results! When/ if, you decide, you are considering, buying a home, of your own, there are, at least, 7 key factors, which should be, thoroughly, considered, and understood. With, that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these, and why, they matter.

1. Good credit: Before beginning your search (house - hunting), examine your credit, in - detail! Go, beyond, just, your Credit Rating, but, acquire a copy of your Credit Report, from all three, major, reporting agencies, and ensure, it is accurate, and there is nothing, which might impair, your success! Nearly, everyone (especially, first - time buyers) need, to use, a mortgage, as part of this process, so, your excellent credit, is an essential component!

2. Sufficient income: Do you have sufficient income, and income/ job history? Consult, in advance, with a trusted, mortgage professional, and, discover, how much, you qualify for! That way, you will know, from the onset, the price range, to search!

3. Meet the debt ratios: To qualify, mortgage banks, usually, apply, at least, two, key metrics, regarding, debt ratios. One is the relationship between, your overall debt, and income, and the other, is specific, to the house loan, and your income! Know, what it is, and address your specific needs, before beginning!

4. Personal comfort zone: Happy homeowners are comfortable, with the financial burdens, etc, of owning a house! This is, an individual thing, so, give yourself, a check - up, from the neck - up, and, know yours, before deciding to take this big step!

5. Down - payment: In most cases, Conventional loans, require a 20% down - payment, but, this, often, differs, dependent on the specific terms of that loan! Can you, comfortably, afford the down - payment, without, becoming, house - rich, but, stressed, and uncomfortable?

6. Reserves: Prepare, with specific, financial reserves, which wise buyers, have, in - reserve, in - advance. Some of these, include, reserves for: repairs; renovations; upgrades; maintenance; predicted and unpredicted expenditures!

7. Ready/ prepared to be homeowner: Are you, emotionally, as well as, financially, prepared, to be a homeowner? When you rent, your landlord is, usually, responsible for major expenses, etc, but, when, it's your house, you are responsible! Are you ready, willing, and able to handle these?