How to Buy a Louisville Kentucky Home for Sale You Can Afford
In today’s Real Estate market many people are searching for a Louisville Kentucky Home for sale but the reality is that some homebuyers are choosing homes they cannot really afford.
Don’t make the mistake of buying a home if it’s way over budget, stay on budget and buy the home of your dreams by following these simple tips.
Tip #1 – Check Your Credit Score
If your credit score is lower than 620 you must assume that you will qualify for a higher mortgage interest rate compared to buyers who have credit scores 700 or higher because, the higher the credit score the lower the mortgage interest rate you can expect to pay.
Tip #2 – Save Money for a Down Payment
When buying a Louisville Kentucky Home for sale in today’s Real Estate market you should consider saving at least 10% for a down payment on a home because your down payment will also affect the mortgage loan you qualify for as well.
For best results with buying a Louisville home you should work towards saving at least 20% because this will also help you to avoid paying private mortgage insurance (PMI) as well.
Tip #3 – Be Ready For Expenses
Remember that when you finally do buy a home in Louisville Kentucky there will be unexpected expenses like replacing a washer / dryer, water heater, fixing a leaky roof or worse so it’s better to save money for these unexpected expenses every month so you will have money to pay them when those expenses occur.
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To get started with buying Louisville Real Estate contact us today by calling (502) 458-4100 or click here to connect with us online.