Articles Tagged "Down payment"

So you're itching to get started shopping Chattanooga homes for sale to become a homeowner, but you'll need a mortgage loan to realize that goal. Given that fact, you'll certainly want to get your credit report in shape to ensure that you can get approved for that loan – and that you can get the best possible interest rate on it when you do. So how does an aspiring homeowner go about raising their credit score? Here are tips that can help:

1. Check your credit report for errors
   Your credit reports are documents that detail your track record with credit, outlining factors that include how much debt you're holding in relation to your income and how responsible you have been in paying off that debt. There will be three major reports detailing your credit history, held by three major credit bureaus; Experian, TransUnion, and Equifax. While these bureaus know their business, they rely on information collected from your creditors to compile their reports, and errors are fairly common. For that reason, getting copies of your reports from all three companies and examining them for errors is an important first step if you're working to raise your credit score. If any of your reports do contain errors, contacting the credit bureaus to get them corrected is your next step.

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You negotiated a good deal on your dream home with the beautiful kitchen, and you are approved for a mortgage. Now, all that's left is to sign the paperwork. All those pages you are signing detail what you will pay for the house you are making a home. One specific number to pay attention to is the interest rate, which of course, adds to the final amount you pay back.

So how is the interest rate calculated for people buying Chattanooga homes for sale? Here is a quick primer:

1. Debt to income ratio
   This number shows lenders how much income you have to the amount of debt you are responsible for paying back. If you have a lot of debt payments already, you might find it difficult to pay a larger mortgage. One of the best things you can do before buying a house is pay down as much debt as possible. Not only will this let you get a better interest rate, but it will also give you breathing room as you begin homeownership.
   
   

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If you're looking to buy your first home, then look no further than Chattanooga homes for sale. Buying a new home is a big decision, and there's quite a lot to consider – mainly can you afford a new home? If the answer is an unequivocal "yes," then you can afford to buy a home in Chattanooga. Here's how.  

3 Steps for Buying a Home in 2019

1. Save for Your Down Payment
   Saving for a down payment can be challenging and requires some discipline, but it absolutely can be done. First, it's helpful to know how much you're looking at spending on your home, and that will determine where to start with a down payment.

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Is a new home on your holiday wish list? Whether you've just started searching for Chattanooga homes for sale or have been considering it for a while, we've created this home-buying checklist to make buying that perfect house simpler.

1. Review Your Credit
   Your first step is to check your credit score and review your credit reports. Errors are more common than you think. If you find any, you'll want to contact the credit reporting agencies and have them corrected immediately. Checking your credit early also gives you time to work on improving your score if necessary.

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Five Down Payment Saving Tips 

The first and biggest hurdle when looking to buy one of the many Chattanooga homes for sale is coming up with the down payment. The minimum down payment that you can expect to make is 3 percent which means that you'd have to come up with $3,000 on a $100,000 home purchase. However, to avoid mortgage insurance, you would need a down payment of 20 percent. That's $20,000 on a $100,000 home.

Don't let these numbers scare you from buying that dream home. Here are five tips from our REALTORS® that can help you save for that down payment by showing your money who's boss.

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