According to a recent survey, the majority of homebuyers believe the requirements for qualifying for a mortgage are much more strict than they actually are. Important factors such as down payment, credit score and debt-to-income ratio seem to scare homebuyers who are thinking about making the transition to homeownership— and as a result, many will hold back from purchasing a home in West Virginia's Eastern Panhandle this year.
But Kable Team Realty has years of experience in helping buyers ease their fears about becoming homeowners and if you find yourself in a similar position this spring, it may be helpful to do the following:
Do your research
Mortgage requirements have changed significantly in recent years. For instance, you no longer need to put down twenty percent on a home in Jefferson or Berkeley County to qualify. In fact, there are some programs that allow you to purchase a home with zero money down. Do all of the research you can on mortgages to help ease your concerns.
Compare mortgage rates
If it's the finance factor that frightens you about buying a home, you can meet with local lendors to compare mortgage rates. You will be able to weigh your potential monthly payments to determine if now is the best time for you to move to a new home in Charles Town, Martinsburg, Harpers Ferry, Ranson, Shepherdstown, Hedgesville, Inwood or Falling Waters.
Consider all of the costs
The last thing you want after you've purchased a home is to be blindsided by additional costs. Be sure to consider expenses like maintenance, utilities and extra savings you will want to put away for repairs that may pop up. Preparing for all costs involved will reduce stress later when you're a homeowner.
Do not hesitate to contact us with any questions you have about the homebuying process! We are here to help!
The Kable Team
Kable Team Realty
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