How to Buy a House Fast in Texas
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How to Buy a House in 2023
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the question is should you buy now or wait until later? Well because Mortgage rates are at an all-time low. Many are leaving urban cities for more space and cheaper homes in the suburbs. And demand in the housing market doesn’t seem to be slowing down.
So is now a good time to buy a house? The answer depends on you and your financial situation. For many, there’s never been a better time to get a mortgage. For others, the opposite is true.
“”You don’t want to end up in a position where you’re rushing to buy a house. People are acting like it’s their last chance, and it’s not their last chance. There will still be houses next year,” says Jennifer Beeston, a mortgage educator and industry veteran who is one of the top 1% of mortgage originators in the country by dollar volume.
Check Your Credit Score
Real estate can cause the most complicated situations.
Your credit score, which is essentially a snapshot of your finances, plays a big role in what loans and interest rates you qualify for. It tells lenders how risky you are to lend money to. Because of the economic crisis due to the ongoing Covid-19 pandemic, most lenders have tightened their lending standards and require a credit score of at least 620 or higher to qualify. The higher your credit score the more likely you are to qualify for better loan terms. You can usually access your credit score for free through your credit card company — check your monthly bank statement or log into your account online to see what your score is before you apply for a mortgage.
Save For a Down Payment and Closing Costs
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To buy a house, you’ll need enough to cover a down payment and closing costs. Typically, that’s at least a few thousand dollars. Saving up that much for a house can feel overwhelming, but it’s more straightforward when you have a plan. In 2019, the average down payment was 12% for all home buyers: 6% for first-time home buyers, and 16% for repeat home buyers, according to a National Realtors Association survey.
If you can, you should really put 20% down on a house, according to Bernadette Joy, founder of Crush Your Money Goals and contributor to NextAdvisor. With a 20% down payment, you’ll build equity faster, pay lower monthly payments because you’re financing less, and you can avoid paying private mortgage insurance (PMI) — an extra cost your lender tacks on to your monthly payment when you don’t put 20% down. At a minimum, you should be prepared to put at least 3.5% down, which is the requirement for many government-backed loans.
Have a Consistent Stream of Income.
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Your lender is going to want to see a history of your income to make sure your income source is stable and reliable. It’s important to hand over the right documentation to show steady employment.
If you’re employed by a company, recent pay stubs and W-2s will do. If you’re a freelancer or self-employed, on the other hand, you’ll need to submit your tax returns as well as any other documents the lender asks of you. Generally, you should keep your total housing expenses below 30% of your take-home pay, says financial journalist and NextAdvisor contributing editor Farnoosh Torabi.
Make Sure You’re Not Tied to a Lease.
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If you’re a renter thinking about buying a new home, you’ll need to plan accordingly. That means you’ll either need to wait until your lease is up or break your lease early. Beeston says this year, due to the pandemic, landlords aren’t being as accommodating about letting tenants move out before their leases expire.
“If you need a house and you’re in a position to buy a house, then it’s great. If you’re trying to break leases or really push to get in a house when you’re not ready, you need to get ready first,” Beeston says. “One thing I’ve seen a lot in 2020 is landlords really holding people to their contracts.”