Spring is traditionally the time of year when families looking to buy a new home start the process. It’s an exciting time, yet many homeowners get frustrated with the process as it can be a bit tedious. So to help you navigate your way through buying your dream home, Magyar Bank will be posting helpful tips throughout the month on our Facebook and Google+ pages. Our topics will include keeping an eye on your credit score, making sure you have enough for a down payment, and what type of documents you will need to include as part of your loan application.
Doing your homework before you contact a Realtor can speed the process up as well. Take a look at your credit report and make sure there is no fraudulent activity before you start home shopping and apply for a mortgage. You can obtain a free credit report as required by Federal Law at www.annualcreditreport.com.
One question many people ask is whether they should rent or buy. While there are a number of factors involved in making this decision, one key element to consider is how long you will stay in the home. Generally, the longer you plan to live somewhere, the more it makes sense to buy. Over time, you can build equity in your home. Of course, renters have more flexibility to move so it’s important to review your current situation and think about how long you’ll want to stay in your new home.
Most of all, try to make the process enjoyable. Moving can be stressful, but once all the boxes are unpacked and the walls are the colors you want, there is really no place like home.