Real Estate with Angela Carpio

5 Questions To Ask Yourself Before Buying A Home 1. What is my credit score? The impact of credit score on interest rates can be significant. The higher your credit score, the better your interest rate. The lower your interest rate, the more you can afford. 2. Can I afford the monthly mortgage payment and still be able to afford my current lifestyle? Stay at a monthly payment that you would be comfortable making every month and would still allow you to live the lifestyle you are accustomed to. Life happens and when it does, you want to still be able to afford your mortgage so as not to lose your home. Say NO to being house poor!!! 3.What other debts do I have? Be realistic about what you can afford. You have to take into account ALL of your credit obligations including your estimated monthly mortgage to figure out whether you're ready to buy a house. You don't want to own a home and eat ramen everyday trying to make ends meet.  4. What are the other cost of home ownership and c...

 Which one is right for you? Here are some things to consider.  Renting Benefits You pay less up front fees. Security deposit and first and last month rent requirement typically is less than one would pay in comparison to down payment for a mortgage Landlord handles repairs and certain upkeep of the house Relocating is easier. Considerations Limited ability to customize your living space Rent may increase in the future.  No tax incentives associated with renting Renting don't build equity Landlord may be unresponsive Landlord may decide to sell or decide to stop renting You're paying off your landlord's mortgage Owning Benefits Building equity which may increase your wealth. Ability to customize and renovate the home to fit your taste.  Tax benefits. Sense of stability. Create retirement security.  Mortgage payment stay the same each month (fixed rate mortgage) Home value typically go up over time.  Considerations Higher upfront financial expense (down paym...