|Debt Management Guidance for People Looking to Buy a Home
Recent data shows that rental rates are at an all-time high, making homeownership a more attractive option. Whether looking for your first or your next home, these suggestions will put you on track if you’re set on purchasing a property within the next year but still have concerns about your debt.
Additional Income Sources
Considerations for Small Business Owners
With a 20% down payment, you avoid private mortgage insurance (PMI). Instead of eliminating debt, get it manageable and put extra income toward your down payment. Even if you have to put down less money, your PMI disappears once you reach that level of home equity, so make extra mortgage payments when possible.
If you’re handy or a quick learner with a lot of patience, accept a house with some faults for a discount. Persistent pest problems, roof leaks, mold issues, and structural weaknesses are items most sellers won’t be able to attend to before selling. Get an expert inspection and push for a better deal. If the house isn’t move-in ready, you may be able to stay in an inexpensive travel trailer for a few months on your property while you make the home livable. Check local laws to ensure you’re not violating any ordinances.
Your home is one of your most essential investments, so take whatever steps are necessary to get yourself in the right home as soon as possible. With grit and determination, and the help of North Gwinnett SOLD, you can make it happen. Call us at 678-343-8563 today.
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Author: Natalie Jones
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Buying • July 26, 2022
Debt Management Guidance for People Looking to Buy a Home
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