{"id":685,"date":"2016-01-19T15:15:11","date_gmt":"2016-01-19T23:15:11","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=685"},"modified":"2016-01-19T11:33:40","modified_gmt":"2016-01-19T19:33:40","slug":"4-resolutions-if-you-want-to-buy-a-home-in-2016","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/01\/4-resolutions-if-you-want-to-buy-a-home-in-2016\/","title":{"rendered":"4 Resolutions If You Want to Buy a Home in 2016"},"content":{"rendered":"<p style=\"text-align: justify;\">It\u2019s a new year, and you\u2019re another step closer to becoming a homeowner. If one of your resolutions for 2016 is to buy a house in Philadelphia, there\u2019s a lot to do before you reach out to a real estate agent and officially begin the search. It\u2019s easier to keep your resolution to buy a house if you break things down into steps. Resolve to do these four things and you will be well on your way to a new Philly home by the end of the year.<\/p>\n<p style=\"text-align: justify;\"><strong>Get a Handle on Your Credit<\/strong><br \/>\nUnless you plan on paying for your new home with cash, your credit history and score will have a big impact on the amount of house you can buy and the quality of mortgage you qualify for. The better your score and history, the better your mortgage interest rate and terms.<br \/>\nChecking your reports let you see if there are any errors or problems, which you\u2019ll need to correct before moving forward with the home buying process. Getting your score gives you an idea of where you stand. If your score\u2019s not that great, such as lower than 700, one of your resolutions can be to improve your credit throughout the year. You can do that by reducing your debts, paying on time, and keeping old accounts open.<\/p>\n<p style=\"text-align: justify;\"><strong>Understand Your Mortgage Options<\/strong><br \/>\nResolving to understand the differences between mortgages and which mortgage type best suits you is another important step to take before becoming a home owner. There\u2019s often an assumption that you need to qualify for a conventional mortgage, with 20 percent down, before you can purchase a home. While the conventional mortgage route might work for some people, there are plenty of other options out there, such as the FHA program, which lets you make a lower down payment in exchange for paying private mortgage insurance each month. If you\u2019re a veteran, you might qualify for a VA sponsored mortgage, which has an even lower down payment requirement.<\/p>\n<p style=\"text-align: justify;\"><strong>Set a Price and Research Homes in the Area<\/strong><br \/>\nThe next step is to learn more about homes for sale in Philadelphia. Think of areas you\u2019d like to live in, such as West Philadelphia, Pennsport, or Kensington, then research the average cost of a house in those neighborhoods. You\u2019ll also want to figure out what you can afford to purchase, based on your monthly income and other financial commitments.<br \/>\nTypically, the amount of your mortgage each month can\u2019t exceed 43 percent of your income. If you\u2019re unsure what your number is, you can use a mortgage calculator to figure out how much you can comfortably afford each month.<\/p>\n<p style=\"text-align: justify;\"><strong>Get Organized<\/strong><br \/>\nYou\u2019ll need to have a number of documents handy if you plan on buying a home in 2016. Resolve to get those documents in order before you visit a lender to get pre-approved for a mortgage and before you start looking for real estate agents to work with. You\u2019ll want to have the last two years of income tax returns handy, your credit card and bank statements, copies of your most recent pay stubs or other proof of income, your W-2\u2019s or 1099s, and any other document that shows how much you earn or spend monthly.<\/p>\n<p style=\"text-align: justify;\">Once you\u2019ve learned about your options, explored the cost of homeownership in your preferred neighborhood, and gotten your documents in order, it\u2019s time to start looking. Keeping your home buying resolutions will help you be in a new place by December.<\/p>\n<p><a href=\"http:\/\/blog.coldwellbanker.com\/4-resolutions-if-you-want-to-buy-a-home-in-2016\/\" target=\"_blank\">4 Resolutions If You Want to Buy a Home in 2016<\/a> by Amy Freeman | Coldwell Banker Blue Matter<\/p>\n","protected":false},"excerpt":{"rendered":"<p>It\u2019s a new year, and you\u2019re another step closer to becoming a homeowner. If one of your resolutions for 2016 is to buy a house in Philadelphia, there\u2019s a lot &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/4-resolutions-if-you-want-to-buy-a-home-in-2016\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-685","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4 Resolutions If You Want to Buy a Home in 2016 &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/01\/4-resolutions-if-you-want-to-buy-a-home-in-2016\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"4 Resolutions If You Want to Buy a Home in 2016 &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"It\u2019s a new year, and you\u2019re another step closer to becoming a homeowner. 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