Thinking of buying a Springfield Missouri home? When I first moved to Missouri, interest rates exceeded fifteen percent. But I needed a home and was not willing to rent. So, I set out to find the best home for the least amount of money. As buyers in todays market, here are a few things to consider.
How long you plan to live in the home?
If you are a first time home buyer, there are still available funds, with great interest rates. Some loans for first time home buyers still allow 100% financing. Some loans have a prepayment penalty if you sell your home within a certain period of time. Be sure to question the lender when applying for a loan.
How long do you plan to keep the home?
If you are planning to expand your family, keep in mind the size of home you are buying. Or if you have a large family now, where will all of them be in five years? Many homeowners find themselves with a home too large to maintain after a few year.
Your financial health - your credit and home affordability.
Is now the right time financially for you to buy a home? Buying a home that you know you may not be able to maintain in a few years is not be the smart thing to do. Depending on a spouse or room mate to help make the payments may cost you in the long run. The bank looks financial ability of all buyers involved in a transaction. Stay within the purchase power of one. Your financial future will be much stronger and less stressful if your income changes.
What will your closing costs be?.
Purchasing a home usually involves a lender. Today, most loans are requiring at least three to five percent down. Closing costs usually amount to three percent of the amount borrowed. A lender will be able to figure your downpayment and closing costs. Be sure to have them give you an estimate of closing costs, so you are not surprised the day before closing.
The ongoing costs of home ownership.
Homes, like everthing else man made require maintenance. Remember to budget for unforseen repairs. Home warranties can be provided by the seller or made available to buyers at closing. Today, warranties cover a number of maintenance items. It's a good idea to protect your biggest investment.
Home prices remain stable in Springfield Missouri. Give me a call and I'll be happy to walk you through the purchase of your new home.
Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com.
If you would like a free list of homes for sale in this area/neighborhood, want more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.
Kay Van Kampen is a local Realtor serving Springfield, Ozark, Nixa, Rogersville, Republic and surrounding areas in Greene, Christian and Webster Counties in Missouri. She is ready and available to help you with all your Springfield Mo real estate needs. To contact her go to www.kayvankampen.com. If you would like a free list of homes for sale in this area/neighborhood, would like more information about Springfield, Ozark, Nixa, Rogersville, Republic, Willard and surrounding areas or would like to be the first to know about hot new listings before other buyers do, then give me a call at: 417.839.4534.
|
RE/MAX Solutions www.kayvankampen.com
Springfield, MO, 65721
|
||
      |
||
| Visit MyBlogLog and get a signature like this! | ||
can become a treat for your whole community.
