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Fannie Mae’s Advice For Buying Homes

All My Sons of Maryland is celebrating in this month of June because it’s National Homeowners Month and everyone from realtors to movers and professionals in the mortgage industry are celebrating as well. In fact, there’s an article on Walletpop.com reporting on Fannie Mae’s tips for a successful home buying experience. And the local Maryland movers will dedicate this post to sharing some of the highlights found online.

The people at Fannie Mae say there are various steps individuals should take before buying a house. The first is to get educated. People should learn the process behind receiving a loan from a bank. They should understand what types of loans are out there and learn all about the costs involved with each one. The next step is to make an inventory of your finances and get everything in order. Find out what your credit score is and if it’s low, find out what you can do to raise it. There might be errors on your credit report, so you might have to correct them. With a better credit score, you’ll get a better loan.

Know your budget and try to stick to it. As a rule of thumb, the article says, your housing expense should be no more than 28-33 percent of your monthly gross income. Don’t plan on dedicating your entire paycheck to paying for your mortgage. Start saving as soon as you can, even if your plans for buying a home are in the future. Buying a house have upfront costs and a down payment can be anywhere form 5-20% of the purchase price. Plus there are always other expenses involved with moving in somewhere new like repairs, closing costs, professional movers like the Maryland moving specialists, realtor costs and so on.
If you are ready to buy, get pre-approved first. This will help you locate the type of home you can afford and when you’re ready to put an offer, it will weigh more with the seller and they’re realtor, because they have proof you can afford it. To get pre-approved, all you have to do is meet with a lender and show them documents that prove the income you make, show your assets, information about your debts and so on.

When you’re ready to move in, don’t forget to get your free moving quote online on the All My Sons of Maryland’s website. Our local Maryland movers are backed by generations of moving experience and have moved countless families in and out of apartment buildings, rental units, estates, single-family homes and even commercial businesses. All My Sons moving is a reliable and credible moving company that’s licensed and insured.