Deciding To Take The Home Ownership Plunge
There’s no mistaking the fact that buying a home is the biggest investment you will ever make. All the experts suggest that even before you start looking at Boston real estate you ask yourself a few simple questions that will help you decide if it’s the right time for you to take the ownership plunge.
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1. What kind of mortgage do you need?It’s a good idea to get pre-approved before you start looking through the Boston MLS. Beyond the amount that the lending institution will approve you for there are several other options you need to work through, like a payment schedule – or whether you would prefer – and a closed or open mortgage with a fixed, variable or adjustable interest rate. It’s critical that you get pre-approved so that you know how much money you’ll be able to spend.
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2. You’ll need to factor in the extra costs as well. Beyond the home inspection, legal fees and moving expenses, you need to be sure that you have saved up a good down payment to keep your mortgage manageable in the first five years, which are traditionally more difficult. As well, any smart homeowner puts aside a little money in an emergency savings fund to meet any repair and emergency expenses.
It’s essential to do a little preplanning before you start looking for the home of your dreams and making serious plans about relocating to the Boston area.