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Real Estate in Reading,
North Reading, Wakefield, Stoneham, Melrose, Wilmington surrounding
areas in Mass. Buyers Agent, Certified Distressed Property Expert |
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Home Buying Tip - Consider
The Costs
$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
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Before purchasing a home,
potential buyers must
consider several key factors
– most importantly the cost.
If a buyer is pre-qualified
for a mortgage, he or she
can save time by limiting
the search to only those
properties within the
designated price range.
Secondly, a down payment of
20 percent is necessary to
avoid expensive private
mortgage insurance. However,
if a large down payment is
out of the question, a
second mortgage could boost
the borrowers' contribution
to 20 percent. Buyers also
should request an estimate
of the closing costs and
compare lender estimates to
find the best deal.
It is extremely important to
make timely monthly mortgage
payments to avoid credit
damage or foreclosure.
Buyers who are worried about
affording a particular home
probably should not buy it.
In addition, they should
consider setting money aside
for home maintenance and
emergency repairs as soon as
possible.
To ensure appreciation,
homebuyers must choose a
good neighborhood in a good
school district, as well as
pay close attention to local
economic trends. Most
people's wealth is in their
home, and equity is one of
the greatest rewards of
homeownership. Over time,
many homeowners find their
equity is enough to pay
their children's college
tuition, or enough to sell
the house and buy a better
one.
"Points to Consider When
Buying a House," Scripps
Howard News Service Reeves,
Pamela.
Abstracts Copyright ;
Information Inc., Bethesda,
Md.
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Terrence Tully
Certified Buyer Representative
Certified Residential Appraiser
eMail Terry
978-317-2467 |
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Find out
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RE/MAX |
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Reading Weather |
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Our primary service
area includes:
Reading, North
Reading, Wakefield,
Stoneham,
Wilmington, Melrose,
Woburn, Andover,
North Andover,
Tewksbury, and
Middleton.
We can also assist
you with home buying
and selling in any
community in the
state of
Massachusetts as
well as across the
country.
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