4 Budgeting Strategies for Buyers from Nick & Cindy Davis

1. Double check your credit

If you’re thinking about buying, you need to already be “keeping score.” Know your credit score, and make sure to rectify any credit reporting errors before lenders take a look.

2. Understand the added cost of certain features

As you create your list of “must-have” home features, be sure you consider the added expenses which may come with them. Your math should include things like the cost of landscaping maintenance for extra acreage and energy costs that come with added square footage.

3. Discover where your hard earned money go

Get up close and personal with your monthly budget and track every single thing you buy over Thirty days. Take a look at credit card and bank statements to categorize where you spent each dollar (e.g., entertainment, food, clothing). Several websites and software programs will help you track and categorize spending. This should help you identify where you can scale back to put additional money toward a monthly mortgage payment.

4. Research mortgage options

You don’t always need to invest a 20 percent down payment. Explore your options, such as a Conventional 97 from Fannie Mae. Just 3 % down is sufficient to assist you to qualify for this program, as long as it’s for a fixed-rate mortgage on a single-family home for under $417,000.

If you’re all set to buy a home,experienced agents like Nick 7 Cindy Davis will assist you to calculate just how much house you really can afford, then find a home you’ll love within your budget. We are always just a click here or call to 813-300-7116 away.