6 Things to Consider Before Buying a Home | Panama City Homes

Posted by Jennifer Mackay on Monday, September 10th, 2012 at 8:12am.

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Considering Buying a Home? Here are 6 Things to Think About...

Before you buy a home you should do some research so that you have all the knowledge that you need.  You should learn about credit score requirements and the standards on the Federal Housing Administration loans. 

As your Panama City Beach Realtor I can help you become familiar with these things and more but doing your own research will help speed up the process.

  1. Before you consider buying a home you should make sure your credit score is as strong as possible. If your credit score is below 680 you can expect to have to pay a higher down payment.  If your credit score is over 750 you can expect to get better rates.  Get your credit report and stop applying for any kind of credit about a year before going for financing for a mortgage. As your Panama City Beach Realtor I can provide you with approved loan providers to assist you with your credit as needed.
  1. Know what you can afford before we get together. You want to buy a home at a price that is comfortable for you financially so keep in mind that your expenses for your future home should not be more than 28% of your monthly income.
  1. Make sure you take into account the down payment and don’t forget that there will be closing costs. You may need to have as much as a 20% down payment. Your closing costs will depend on the location of where you are buying and what lender you use, but you can expect them to be in the range of $2000-4000.
  1. Remember that you will need to take care of repairs and general maintenance after you buy your home so try to build up some savings.  You will be more likely to receive financing if you can show that you have several months’ worth of mortgage payments saved up.
  1. If you can get preapproved for a mortgage, it will make it much easier for me as your Panama City Beach Realtor to get a great price on a house for you. Get your financing settled first and then the seller will be assured that you are really ready, willing and able to buy a home.
  1. Don’t settle for a house that is “good enough”.  If you don’t love it you may regret your purchase soon after moving in.  Know your needs and wants, and step back for a couple days before signing the papers if you are not positive about how you feel about the house.

As your Panama City Beach Realtor, I am able to help you with these items and more.  The more you know, the easier it is for me to help you find that dream home.

Welcome to our Panama City Beach real estate blog. Please share your thoughts and opinions as comments are always welcome, whether you are a consumer, journalist or another real estate professional.

Our blog includes local and relevant national real estate information, Condo and Home market statistics, personal and professional insights and information about various neighborhoods, subdivisions and listings. If you would like additonal information on any of our topics, please contact me directly and I will be glad to assist you.

Jennifer Mackay
Contact me directly
Direct: 850-774-6582
Fax: 850-522-3967
The Panama City Real Estate Team

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