Cascais, Portugal

First Time Homebuyer Timeline for cascais 

Buying your first home is very exciting, but there are also some plans that need to be made to ensure that the process runs smoothly. View the timeline below for tips!

3 years in advance: start saving.
When purchasing a house a deposit must be made. FHA loans require a deposit of at least 3.5% of the final purchase price, while conventional loans require a down payment of 5% or more. Let's give that a small perspective. If a house has a price of $ 250,000, the down payment for an FHA and conventional loan is $ 8,750 and $ 12,500 respectively.

2 years earlier: check your credit score.
Credit scores play a crucial role in determining the amounts borrowed. A good credit score gives you a larger loan, a lower interest rate or both. Remember that when you buy a house with another person, both scores are taken into account. That is why it is important to check the credit scores well before buying a house, so that if necessary one or both parties can work on increasing their score.

Priority of 1 year: determine how much you can pay.
The best way to find out how much you can afford is to make a budget. You must register your expenses, record your debts and set a target. The standard rule is that your monthly payment on your mortgage may not exceed 28% of your pre-tax income. So if you earn $ 60,000, your monthly payment must be at or below $ 1400 per month. Use our calculator to find out how much you can pay.

1 year earlier: research, research, research!
After you have made a budget to determine how much you can pay, you will continue looking for houses in that price range. This gives you a general insight into what kind of houses you have to look at and which not. You also have to decide which areas interest you, because some places are more expensive than others. For example, if you are considering both Cleveland and Chicago, keep in mind that Chicago is more expensive.

6-8 months Prior: get pre-approved.
If you get a good pre-approval, you can determine how much you can afford each month for a mortgage. During a prior approval, the lender will consider your tax forms, W-2s, recent pay slips, pension, debts and savings in order to arrive at a precise mortgage amount.

1-2 months in advance: choose an agent.
Choosing the right agent to guide you through the process is important and can make the difference when you are looking to buy. Great agents have experience, knowledge of the local market, proven success based on their number of closures and communication skills.

Finally: make an offer!
Now that you are sure you want to buy the perfect house, you work with your broker to make a formal offer. Within 24 hours you will hear the seller about the status of the offer. In many cases sales employees take far less time, so it is likely that you do not have to wait long for an answer.

A.Santo Mediação sells  apartamentos cascais .