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Guide To Buying Homes For Sale

Starting with a good real estate agent and ending with a good offer – this is the golden rule for home buyers. But somewhere in the picture, it is also important that your finances are there when you think about the house for sale. You can have a look at the best houses for sale by clicking at: For Sale Archives – MyAfric.

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# 1 Your Credit Rating: – This is an important indicator of your credit rating and the basis of your loan or mortgage approval. Credit reports are maintained by three leading credit agencies, namely Experian, TransUnion and Equifax. This indicates that someone is late in paying and has had serious problems with the loan in the past. 

Creditworthiness, or FICOR, is a number based on a formula invented by Fair Isaac and Co and calculated based on your credit report. You will receive separate results for each type of credit report. A low credit score can prevent you from selling the highest interest and financing rates on the home of your dreams.

# 2 Your budget: – Choose a top real estate agent and set your budget to determine which house you can afford. While online calculators provide good initial estimates, you will need to get prior approval from the lender to get an accurate figure. 

What is taken into account includes credit, debt, and income. The house must be between 2 and 2.5 times the annual gross salary. If significant financial obligations such as student benefits or loans interfere, they may even be reduced. Another point is that the down payment determines the type of house you can afford.

# 3 Your Cash Reserves: – You also need to provide cash for advances and closing costs. This includes fees for acquiring property rights, fees for loans and attorneys, and inspection and evaluation fees. If cash is not sufficient, there are many options such as cashing. B. Receive cash prizes or withdraw from individual retirement accounts.