5 Tips for First Time Louisville Kentucky Home Buyers
One of the most exciting things you will do in life is buy your first home because, you’re finally moving away from renting and into the phase of your life called “ownership” where you will be building equity in your home while creating an environment for yourself or family which will be yours for years to come.
Here ae 5 tips you should use when buying your first Louisville Kentucky Home.
Tip 1 – Get Your Credit in Order
Purchase your 3-in-1 credit report to verify that there aren’t any negative items being reported about you by the three major credit bureaus.
If there are negative items on your credit reports you should resolve them immediately by paying off old debts, catching up credit card payments and starting the dispute process with the credit bureaus if one or more credit report has false information reported about you.
#2 – Save At Least 20% for a Down Payment
Although you can buy a home these days with a down payment as low as 5%, it’s better to save at least 20% if you can because, a higher down payment will help you to avoid paying Private Mortgage Insurance (PMI) and this will ultimately keep your monthly expenses lower as well.
#3 – Know How Much You Can Afford
Write down your budget and decide on how much you can afford to spend each month on your mortgage payment then you should get pre-approved for a mortgage loan.
#4 – Pay Credit Card To 30% of Balances
Do you have credit cards which have high balances? If so, pay those credit cards to 30% of their balances because, this will make you look like you’ve been using your credit wisely and help you to qualify for a better mortgage loan.
To learn more things you can do to get ready to buy a home, or to view Louisville Homes for Sale, contact Family Realty, LLC today by calling us at (502) 458-4100 or CLICK HERE.