She Means Business Part II
Not only has Kellie been successful in her career, she has managed to purchase her first home at the age of 25. In part II of “She Means Business,” Kellie offers advice to those on the road of home-buying. This process can seem daunting at such a young age, but with experts help and stable income, you may be able to accomplish your dreams of being a homebuyer too.
To those on the road of saving towards your first home, Forbes provides a checklist of steps to take before making this big purchase.
- Assess Your Debt – Lenders want to know that you’ll be able to handle the debt you already have, in addition to your new mortgage payment. An important metric is your debt-to-income (DTI) ratio.
- Check Your Credit – The better your credit score, the lower the interest rate you’ll get on your mortgage. Checking your credit well in advance of beginning your home search will give you time to correct any errors and improve your score ahead of time.
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Review Your Budget- It’s important to remember that your budget will change when you buy a home and you’ll have new costs beyond just the mortgage payment.
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Determine Your Down Payment– How much you’ll put down on your home depends on the type of mortgage you receive. However, the typical mortgage down payment ranges from 3.5% to 20%.
- Figure Out theType of Home You Want– When you know your buying power, you can review all the home options available in your area by first understanding the types of homes that are out there.
- Research Where You Want to Live– Once you’re pre-approved and have an idea of the type of home you’d prefer, it’s time to research your favorite neighborhoods. Consider these neighborhood features when you’re shopping for a home:
- Schools: Top-rated schools typically have an impact on home prices.
- Property taxes: Different neighborhoods can have vastly different property taxes. Your real estate professional will have this important information
Listen to Part II now