Buying an Orange County home is something that many people dream about especially in this current real estate market thanks to record low interest rates there’s never been a better time to become an Orange County home buyer. Before jumping into the OC real estate market you should follow these home buying financial tips to determine if buying a home in Orange County is right for you.
Are You Ready To Commit?
Buying a home is something that you have to be ready to commit to for the long haul. Due to the costs that come from selling a home, especially if you sell it sooner than expected, even in a good real estate market, you could find yourself losing money so it’s best to analyze your situation and determine if you’re ready to settle down to one area at this time.
What’s Hiding On Your Credit Report?
At least three months before buying a home in Orange County you should review your credit report with the three major credit bureaus (Equifax, Transunion and Experian) to make sure that there aren’t any “skeletons” in your closet that could stop you from getting pre-approved for a mortgage loan and into the home of your dreams.
Buy A Home That You Can Afford
You might be tempted to buy the most luxurious home on the block but the question that you should ask yourself is “can I really afford it?” a good rule to follow when buying a home is to buy a home that’s valued at 2 ½ times your yearly salary; this step will insure that you’re buying a home that will have a monthly mortgage payment you can afford.
To better determine the affordability of the home that you’re considering buying you should also use an online calculator to factor in your debts, expenses and income or by calling one of the top Orange County realtors at Fred Sed & Associates today at (949) 272-0125.