How does a Housing Cooperative Work?
First, how stable is it? If you choose a house close to work and then either lose your job or take a job in a different area, is that still a place you’d be happy to live? If so, do you need dedicated space for equipment, computers or a phone? Do you see yourself staying with the job for the next few years? The second thing to consider is your commute. Have you had your job for at least a year? These are things a lender will look at and talk to you about before making a loan. Maybe you work from home. Does it matter to your partner? Does it matter to you how long it is?
If your lender does not collect and pay out your taxes and insurance – bangkok.thaibounty.com – , you’ll be responsible for them yourself. Keep all of these expenses in mind as you’re shopping for a new home, and talk to your real estate agent and lender about any other unexpected expenses to expect. Closing costs, which are paid at the loan closing, might include lender and attorney fees, flood or title insurance, and any up-front interest on your loan — called points. Your new neighborhood may have a homeowners association with required monthly or annual dues.
Before you begin shopping for a house, get a copy of your credit report. Your credit score will play a large part in determining the interest rate you are able to get on your loan. The higher your credit score, the more likely you’ll be able to get a loan to buy a house at a lower interest rate. Credit scores are affected by such things as the number of credit cards you have, outstanding balances, student and car loans and whether you pay your bills on time. Review it carefully and correct any mistakes you find before you apply for a home loan. It is not unusual for there to be mistakes on a credit report — often mistakes that bring your credit score down.
Do you have or are you planning to have children? Of course, this means as a buyer that you may have to pay more for a home in a good school district. If so, you’ll want to consider the school district and neighborhood before buying. On the other hand, when you go to sell that home, you’re likely to make more on the sale than if it were in a less desirable district. In fact, even if you don’t have children, it’s smart to consider the school district.
