You don’t have to be a wealthy tycoon to buy a new house. However, you do need some vital information about yourself before beginning the homebuying process. Here are a few things you need to know before starting your search for real estate for sale in Collegeville, PA.
Know Your Credit Score
Your credit score isn’t just a three-digit number. It can make or break a deal on a mortgage and affect your interest rate. Knowing your credit score lets you know where you’ll stand with lenders. If it’s too low, you may want to work on getting a higher score before pursuing real estate for sale in Collegeville, PA.
Know What You Can Afford
Before you head out the door to look at the houses on the market, know what you can realistically afford to pay. The rule of thumb is no more than 28 percent of your monthly gross income. Knowing your debt-to-income ratio can also help you understand what you can put toward this financial obligation.
Know Your Down Payment Options
Lenders may offer various mortgages, and they may all have different requirements for down payments. There are a few programs that may help with down payment assistance or with closing costs. You can determine how much you need to save for a down payment by exploring a little.
