In doing my job as a Realtor, I have realized that there are major differences in (1) the types of home buyers out there, and (2) their motivating factors behind wanting to become a homeowner. Por ejemplo (that’s Spanish), right now there are at least 20 different people renting in my neighborhood who could probably qualify for and afford to buy their own home. The differences: some people want to buy a home but they know (or think) they can’t. Some people don’t want to buy a home, and don’t care whether or not they can qualify. And the rest of the potential home buyers out there simply haven’t thought to look into it. No matter which camp you belong to, my advice is this… don’t take advice from people who aren’t qualified to give the type of advice you are seeking. What I mean is, you might have heard someone tell a horror story about buying a home that they heard from someone else. Or maybe you read something in USA Today that made it seem like someone like you could never qualify to buy a home. Instead of accepting defeat, see for yourself! The only way you will ever know is by taking the proper steps to find out. Even if you find out that you can’t buy a house yet, you will at least know what it takes to get there.
Consult a LOCAL mortgage professional. Did I say local? I’m sorry, I meant LOCAL! There is nothing worse than trying to do business in two different time zones with a person that knows nothing about the Louisville housing market. You severely handicap yourself when you rely on someone outside of Louisville to finance the largest purchase you will make in your life.
You’ll fill out a loan application and provide income documentation so that the loan officer can get a picture of your finances. If you qualify, there will most likely be a few different loan options available to you. Good loan officers will educate you on the differences between programs so that you can make an informed decision on which option is best for you.
A home is an investment, and should always be viewed as such. Why would you want to own a home? Because of the potential for monetary gain? Sure that’s a good reason. How about stability? Knowing that you own a very large asset almost feels like you have a very large savings account. Home ownership is good, and I believe that more Louisville renters can become Louisville homeowners, and they don’t even know it.
In order to maximize your potential equity earnings, you have to buy a good home for a fair price in a market that has room for improvement. You need a market expert. You need a local expert. That’s where I come in. As your Realtor I know the market. I know where it’s been, and I have a few ideas about where it’s headed. If you’re thinking about moving to Louisville, relocating within Louisville, or buying your very first home in Louisville, I would love to speak with you – 502.509.9278 – firstname.lastname@example.org