Getting ready to buy your home

If you’re going through the incredible process of realizing how much money you’re paying to your landlord after the years, I’m here to help. Most people stay away from buying a house when they think “what if I lose my job and can’t pay the mortgage anymore”, well guess what is it the exact same thing as if you’re paying rent and also lose your job and can’t pay the rent anymore, at least if you own a house that can’t continue to pay you can sell it or rent it and move on with your life until you get back on your feet.

There are three very important concepts you need to know when you buy a property: AMORTIZATION – REVALUATION- EQUITY – they all mean money in your pocket. Keep reading because there is so much more you may want to know about.

The Purchase of a home step by step

Credit: This is the most important element of the process of buying a house, without a healthy credit the process can be very costly by the fact that a larger down payment will be required at the time of purchase.

Down payment: Is the initial upfront payment of the total price of purchase that it is usually required to be given at the time of closing. A down payment reduces the lender’s risk. The amount of down payment demonstrates the ability to commit to a long-term investment.

Mortgage:  The amount of money the Bank or Lender allows you to borrow money to be able to buy a house

Deposit: This is the amount of money that secures the transaction until it closes. After an offer is finalized the deposit is immediately given to the Seller’s brokerage

Offer: This is the document that binds the transaction where all conditions, price, date of closing, and much more.

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