sell house fast in webSpring is here — a season for change. Hibernating animals (and people!) wake up and move around; ferns begin to uncurl; acorns begin their transition to mighty oaks; birds build their nests; and many homeowners begin the search for their new nest. Unless you’re a hermit crab, moving from one house to another is not cheap — moving can entail expenses that are greater and more varied than you might expect. What are some money matters to consider when you consider buying a house?

Most likely, you will need to apply for a mortgage. The mortgage supplies the money to purchase a house if you don’t have the resources at hand. The following are some simple considerations you should keep in mind when seeking to qualify for a mortgage.

  1. Your credit score plays a large, understandable part in determining what type of mortgage you can apply for and the amount of interest you will pay. The lender will want to be assured that you have a history of paying your bills on time and are financially stable. They don’t want to risk losing money.
  2. When the time comes to invest such a large amount of money, make sure you are not going on a spending spree with large-ticket items. The lender will want to see that you are careful with your money and will not hemorrhage money that should be used to pay off the mortgage in a timely, responsible manner.
  3. This shouldn’t need to be said, but always be perfectly honest during the application process. Don’t hide debts or exaggerate your assets or otherwise try to mislead the lender. They will do a thorough background check anyway, and they do not expect any surprises.
  4. Keep good financial records. Lenders recommend you keep at least 2-years-worth of income tax returns, pay stubs, receipts for major purchases, home improvement records, and similar transactions.

Also, keep in mind that there will most likely be expenses related to selling your current house as well as purchasing a new one. There may be interest payments, taxes, closing costs, inspections, repairs, title and mortgage insurance, and who-knows-what.

This little summary is meant to scare you, but in a good way. We want you to be prepared for one of the most important life-changing decisions you will face, no matter the reason for your move. That said, know that an experienced, trustworthy agent can help inform you, guide you, and help expedite the process.

Elissa Clausnitzer, SRS, SRES, CMRS, is that agent. Elissa has over 35 years of experience in real estate, specializing in helping boomers and seniors achieve their goals in this important life step. For a free Comparative Market Analysis, call Elissa at Berkshire Hathaway Home Services, 610-398-9888 (office) or 610-573-0386 (cell).

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