Here’s How You Can Buy Your First Home

Hua Hin – For most people, buying their own house is the ultimate dream. It is the biggest step towards total independence but unfortunately the process of buying a house is far from simple.

Here’s what you should when you are planning to buy a house for the first time.

  1. Review Your Credit Score. Know that if you have an impressive credit score, the more it is likely for you to get a great interest rate. If your credit is good, it would mean that you can ultimately lower your mortgage that is why if you have a bad credit score, it would be best if you try to improve on this before you proceed with making any purchases. Also, a good monthly rate is one that doesn’t consume 30% of your total income.
  2. Pay Down Payments with Cash. Technically, you do not really have to make place a down payment all the time for a home but if you can’t afford to place a 10% down payment, then it would be better if you wait for a little longer. Know that if you are unable to at least make a 20% down payment, then you will be subjected to private mortgage insurance, or something similar (depending where you’re from or where you’re buying). This is to ensure security even when you are unable to pay. PMI would add at least 0.3% to 1.5% to your mortgage.
  3. Expect the Unexpected. It would be best if you make room for unexpected fees.
  4. Get Pre-Approved. Getting a pre-approval letter for mortgage can show how much you can afford. It is important that you set a budget and stick to it.
  5. Get a Good Real Estate Agent. A real estate agent can help you every step of the way but you must find one that is compatible with you and one who can align with your goals.
  6. Hunt Within Your Price Range. Go house hunting but make sure you hunt within what you can afford and what you would need.
  7. Check for Requirements. If you are going to buy house in Hua Hin or in a foreign country, you should check for requirements. In most countries, foreign nationals are not allowed to own property but there are many loop holes that you can use for this.
  8. Check the Neighborhood then Close. Simple as that. Once you find a good neighborhood and the seller accepts your offer, close the deal.