• Homes for sale Plano TX

Homes for sale Plano TXTo get to the exciting part of house-hunting in North Texas, you have to go through the tedious part first – getting your financial house in order.  Even though you can’t wait to start looking at homes for sale in Plano TX, your realtor will tell you how important it is to figure out what shape your finances are in before you even think about looking for your dream home.  What should you do to get ready?

Check your credit score.  It’s getting harder and harder to get a home loan these days.  Banks and mortgage lenders are more and more picky about who they loan money to.  A credit score of 660 or above is considered ideal because it means your likelihood of becoming delinquent on your home payments is very low.  Below 660 and the likelihood becomes greater.  You may still get a home loan but you’ll be charged a higher interest rate, which will make your monthly payments higher.  If your credit score is below 660, boost it by paying off as much debt as you can and avoiding making any major purchases.  Allow yourself enough time before you look for homes for sale in Plano TX to accomplish this.

Save money for a down payment.  This is another one of those tasks that has to be accomplished well before you house hunt.  If your credit score is weak no matter how much you try to boost it, saving enough money for a substantial down payment can go a long way toward getting a better interest rate from a lender.  It will also lower your monthly mortgage payments.

Figure out how much house you can afford.  This is the part that means making a detailed, realistic accounting of your monthly expenditures.  Your mortgage payments with taxes and insurance shouldn’t be more than 28 to 31 percent of your monthly income.  There are a number of mortgage calculators to be found online.  You can use these to help determine what your mortgage payments will be for a specific home.

Get pre-approved for your mortgage.  Once you’ve got your finances in order but before you look at homes for sale in Plano TX, go to your bank or mortgage lender to get pre-approved for a mortgage.  They will give you a maximum amount they’re willing to loan you so that you know what your upper limit is when you house hunt.  But, just because they give you a maximum number, that doesn’t mean you have to spend that much.  You may be able to get the house you want for less so be open to looking for houses at a lower price point.

Once you’ve taken a long, hard look at your financial situation and you’re ready to shop, call Alethea Busby at (972) 897-6525 to show you homes for sale in Plano TX.  You can also go to www.texashomehub.com to get started with your home search.

[osky-citation keyword= ‘Homes for sale Plano TX’]

Photo Credit:  ©Depositphotos.com/   alexraths

Comments are closed.