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).

More Finance Articles

  • “Should I Sell My House Myself?”

    This question goes through everyone’s mind at one time or another. Can I save some money and some hassles if I do it myself (FSBO – For Sale By Owner)? Let’s look at why it is more advantageous to use...

  • 10 Commandments of Selling Your Home

    Whether you are buying or selling a home, it can be quite an adventurous journey. Here is simple advice for consumers when buying or selling a home. What is the home you’re buying/selling really...

  • 5 Real Estate Terms You Need to Know

    “In almost 40 years in real estate one of the most important things that I have learned is to have clear communication with clients and not to assume that we are all speaking the same language.” Below are...

  • 7 Deadly Sins of Real Estate

    Advice to help your real estate transactions. Helpful tips that will make your real estate transactions much easier.

  • A Reverse Mortgage Makes Your Home Work For You

    A reverse mortgage may help you pay off debt and provide breathing room John and Carol love getting their grandchildren off the bus, volunteering at church, and going for long walks together at Trexler...

  • Adjusting Your Home to Your Lifestyle

    As the frozen ground relinquishes its grip on budding tulips, we take note of the regeneration around us. Spring represents a rebirth and renewed vitality and stimulates a re-assessment of our...

  • Are You Planning for a Good Retirement?

    Most people who vacation spend many hours planning before hand. They purchase tickets, make reservations, schedule tours and transportation and anything else that allows them to relax and enjoy their...

  • Are You Ready for Medicare Open Enrollment?

    Medicare Open Enrollment for 2018 starts October 15 and remains open until December 7. During this annual enrollment period (AEP) you can make changes to various aspects of your coverage. You can...

  • Beach Property Drawbacks

    Erosion due to storms can be a huge challenge!   While it can happen any time of the year, erosion due to storms can have a dramatic impact on beachfront properties as evidenced by this picture in...

  • Before You Buy or Sell Your Home

    A crucial part of a house transaction is the inspection. There are a number of standard issues to review. Using a certified inspector will help ensure the property is cleared of any problems....

  • Benefits of Using Senior Real Estate Specialist

    Seniors have unique situations that call for someone trained to best handle them. A specialist brings more than just a realtor’s license when helping seniors with their real estate issues. These...

  • Brace and Testing Scam

    “Do you have Medicare? Do you have aches and pains? We can provide braces that Medicare will cover! How about a genetic testing kit to see if you are predisposed to getting cancer?” If you are like...

  • Buying or Selling a Home? Use a Realtor with Experience

    Similar to younger generations, seniors are an active demographic in the real estate market. Whether downsizing or moving closer to family, seniors need and desire to transition into a new home for...

  • Cybercriminals Prey on COVID-19 Fears

    Cybercriminals are exploiting the COVID-19 pandemic to gain access to confidential personal and financial information, warns David Finkelstein, St. Luke’s Information Security Director. He...

  • Discounts for Veterans 2018

    This section is  a list of local and national organizations that offer discounts to veterans. These discounts can change so check first to verify the discounts offered. Also included are resources...

  • Dutch Treat - Savings in the Valley

    For many years organizations like AAA and AARP have negotiated discounts for members and seniors with national companies. At the local level there are numerous businesses in our community that offer...

  • Elder Law Alert: Department of Veterans Affairs Makes Sweeping Changes to VA Pension and Aid & Attendance Benefit

    Introduction VA Pension benefits are “nonservice connected” disability benefits that provide a monthly tax-free income to eligible wartime veterans and their surviving spouses. A married veteran can...

  • Excellent Phone Apps for Seniors

    MintGet your finances under control with an all-in-one budget and money tracker called Mint. By securely syncing to your bank accounts and credit cards, Mint will track your income and expenses (by...

  • Getting the Right Help for Your Move

    When you’re ready to move, are you going to call your friends with pickup trucks to come over and help?  When relocating from a large four bedroom home to a one or two bedroom apartment in a senior...

  • Has COVID Changed the Real Estate Market?

    The Pandemic of 2020 has affected us in ways we may not have imagined at first. Probably the biggest overall hurdle to normal life has been the lockdowns and social distancing, making it difficult to...

 
Contact Us

Please enter your data here. Fields with an asterisk (*) are required.
Please provide us with a phone number or email so we may respond to your request.


Full Name(*)

Please type your full name.

E-mail

Invalid email address.

Phone

Invalid Input- please enter in form: 123-456-7890

How may we be of service?(*)

Please tell us how big is your company.

If you wish to subscribe enter your full address.

Invalid Input

Please enter the characters shown.(*)
Please enter the characters shown.
Refresh
Invalid Input