Homebuying Hacks

Homebuying Hacks

If you are thinking of buying a home and don’t know where to start, here are a couple of hacks that might make it a little less painful. Homeownership is nothing like renting (although the process for that is starting to be similar) and the responsibilities are far more extensive financial wise.

Here is what you do:

  • Stop spending money! – It seems obvious, but those $4 crappachinos, eBay finds, drones, gym memberships, and buying that Firestick you will hate after ten minutes will drain your bank account and your chances of owing a home. Keep credit card balances low and avoid big purchases. I had a buyer who used up all of his credit buying a dining room set for a home he couldn’t qualify for! Stop the insanity and spend wisely.

  • Save like a champ – YOU.WILL.NEED.EVERY.PENNY!! If you cannot qualify for first-time homebuyer programs, and if the seller does not contribute closing costs, you are going to have to foot the bill and it can be up to 7% (including FHA down payment of 3.5%) of the total home purchase price. Do yourself a favor and start saving like it is an Olympic sport you are training for and the gold medal is your new home.

  • Take advantage of FREE MONEY – There are a lot of programs to help first time homebuyers or people who have not owned a home in three years and the time is now to use them because they stop at the end of 2016. The Down payment Assistance Program brings up to $15,000 on the table if you qualify based on income and a minimum credit score of 640. The only requirement is that you have to live in the home for 5 years before you sell it. That’s a pretty sweet deal when you can leave your savings alone and own a home at the same time.

  • Partner please – So many of my single buyers have a live-in partner/ fiancé and they have high hopes of buying a home together in a situation I like to call, "mortgage married."  If your significant other’s credit is anything less than sparkling, it can hurt your chances of home ownership. If that is the case, more than likely,  only your name will be the one on the mortgage.  So be prepared, not to run, but know that while having that extra income available is great to count on, the responsibility of paying the bills and the mortgage falls on you, the homeowner.

  • Find a good mortgage broker - Mortgage brokers are like OB/GYN’s. Sure you can buy a home without one, but why would you want to? A mortgage broker monitors you throughout the process, giving you great advice on how to get credit healthy, and when the big day finally arrives, their experience helps make home-buying as pain-free as possible. Sure, there is a lot of work involved getting financial statements together, but after that final push, you are literally home free. Like having a baby, when it is all over with, it is completely worth it and you barely remember the pain!! Find a mortgage broker today. 

The funny thing about hacks is that even though you might think they are shortcuts, they still take work, effort and energy. All of which become your greatest assets when starting the home buying process. So push up your sleeves and get going. The market is not going to wait. 




Tiffany Tully Headshot
Author:
Phone: 813-605-9004
Dated: March 28th 2016
Views: 382
About Tiffany: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

NEW VA CLINIC BREAKS GROUND IN RIVERVIEW FL - NEW VA CLINIC COMING SOON IN
RED SOLO CUP - WHAT IS YOUR FAVORITE COLOR SOLO
Are You Ready To Graduate To Owning A Home - With graduation season in full
Home Buying Seminar To Be Held April 21 - DREAMING OF BUYING A HOME? 

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Tampa Market Leaders
109 Harbor Village Ln
Apollo Beach, FL
407-502-5205
813-641-8315