Buying Your First Home? Make Sure You’re Financially Prepared With These Steps    Read more at: https://www.moneyunder30.com/buying-your-first-home

Getting ready to buy your first house can be daunting. Credit scores, down payments, and mortgages are all on your mind. Here’s a guide to help you get ready to make one of the biggest purchases of your life.

 

Buying your first home can be one of the most exhilarating — and stressful — moments of your life. But armed with the right information, you can shop for a house, apply for a mortgage from Kate Meckler, and close the deal with confidence.

Step 1: Determine how much house you can afford

The first thing to do before buying a home is to make sure it’s the right time to do so. Generally speaking, owning a home pays off financially if you will live in it for at least five years. Otherwise, there’s nothing wrong with renting. Your actual numbers may vary, but you can play with scenarios using our rent vs buy calculator.

You might disagree, but I don’t believe you should treat your home as an investment. Yes, hopefully it will appreciate over time. But you should buy it because you want a home, not an investment.

That means you should never stretch to buy your primary residence thinking you can take cash out or flip it for a quick profit in a few years. Only buy a house that you can afford today!

Although it may not always be feasible if you live in an expensive real estate market, try to keep your total housing payment under 30 percent of your gross monthly income. When you spend much more than that on your mortgage, you risk becoming “house poor” — you might live in a beautiful home but find it difficult to save or even cover other monthly expenses.

Step 2: Prepare your finances for the mortgage process

The last thing you want to do is find your dream home only to discover you’re not financially qualified to buy it. To guarantee you’re financially ready to buy your first home, you’ll need good credit, cash to close, and a verifiable income.

Check your credit

Hopefully this isn’t a a surprise, but getting a mortgage requires a good credit score. It’s a good time to check your credit reports for errors and possibly invest in a few months of a daily credit score monitoring service.

A fast way to improve your score by a few points is to pay down credit card balances and stop using them for two months before you apply for a mortgage. Also, you’ll want to avoid applying for credit (for example, a new credit card or car loan) until after you’ve closed on your new home.

If you’re buying a home with a spouse or other co-buyer, your mortgage lender will likely consider both buyers’ credit scores in the application process. That’s not to say you’re necessarily doomed if one person’s credit isn’t as good, but don’t count on things going off without a hitch just because one buyer has a stellar score.

Finally, remember that improving your credit score significantly can take at least six months, so get started if you need to!

Save cash for a down payment and other expenses

In addition to making sure your credit score is in order, you’ll also want to consider the cash you’ll need to make buying your first home a reality. Of course there’s your down payment — typically between 3.5 and 20 percent of the purchase price.

As you save money for your down payment, avoid the temptation to invest in the volatile stock market with money you hope to use in the next year or two. While you might be tempted to try to earn a greater return on your money than an online saving account paying one percent, the greatest risk is not having your money available when you’re ready to buy a house.

As you save, don’t underestimate how much money you’ll need — you might be surprised at how much cash you’ll need for closing.

Get your documentation in order

Finally, if you’re close to putting an offer on a home, begin to collect documents that you’ll need to verify your finances on the mortgage application: paystubs, W-2’s, bank statements and, if you have freelance or self-employment income, copies of your last two tax returns.

Step 3: Go shopping for a mortgage

Too often, home buyers leave mortgage shopping to the last minute and watch their dream home go to another bidder who had financing in order. Mortgage pre-approval is a free and non-binding process that presents you as a serious, qualified buyer when buying your first home.

‘Aquaman’ Already Pacing to Be Global Box Office Hit

Aquaman is king of the seven seas and he’ll soon also be king of the global box office.

Reports suggest that Aquaman is going to become a big success for Warner Bros. at the international box office.

Aquaman already had the biggest opening weekend ever for a Warner Bros. movie in China, making more than Wonder Woman in its entire theatrical run. On Friday, Aquaman opened in India to $956,000, more than double what Wonder Woman made it opened in the market.

Altogether, Aquaman earned another $27 million from international markets on Friday. That brings its international box office total to $179.1 million. The film will surpass $200 million international by the end of the weekend, with another week to go before its domestic release.

Aquaman has now earned $147 million in China alone. Other top markets for the movie include Mexico ($1.6 million), Russia ($1.4 million), and Brazil ($1.4 million).

The film opened to $1.3 million in the United Kingdom, and has earned $3.1 million in Indonesia, $2.2 million in Taiwan, $1.5 million in Thailand, and $1.4 million in the United Arab Emirates.

Aquaman stars Jason Momoa as Arthur Curry, the half-human prince of Atlantis. When his half-brother, Orm, stokes the fires of war between Atlantis and the surface, Arthur finds himself caught between his two worlds

Aquaman is directed by James Wan and follows Momoa’s debut as villanos de aquaman Aquaman in 2017’s Justice League, directed by Zack Snyder. Speaking to ComicBook.com, Wan discussed the importance of putting his own touch on Aquaman.

“It was very important for me early on to be allowed to make my own film and to have my own voice be in there,” Wan said. “After Furious 7 and Conjuring 2, I didn’t want to be a director for hire. After Furious 7, that’s kind of who I was to some degree, but after that, I don’t want to be that guy again. So, it was very important for me to be able to bring my own stamp, my own visual aesthetic, create the characters. Even though Jason has somewhat been established in Justice League, I wanted to bring his character into this, basically, fresh in a lot of ways.

“So it was important for me to obviously pay a respect to where he was left off in [Justice League], but then allow me the freedom to take him to where I want to take him at the end of the movie. My hero goes on this hero’s journey to become someone very different than where he started. That was something that was very important for me. But the movie I want to make, that I was allowed that freedom to do that.”

Are you excited about Aquaman? Let us know what you think in the comments section!

5 THINGS TO CONSIDER WHEN YOU ARE BUYING YOUR FIRST HOME

The excitement that you had when you got your first job, when you bought your first Motorcycle, and when you proposed to your girlfriend is the same excitement that you have when planning to buy your first home. At that point of time, every homes for sale you see seems to fit your taste. But don’t rush into it. There are a lot of things to be considered when you are buying your first home which is necessary for the long term well being. Here are some Tips to find the best location to buy luxury villas

In a world where planning is considered very important for each and every aspect, even you need to plan well before going for your first home. Go through the 5 aspects suggested by experts to look for when for when buying your first home.

1. FINANCIAL SITUATION

The first and the most important thing is your bank account. As described earlier, when you are looking for a house, every house seems to fit your taste irrespective of the budget you have. Buts its important to have a clear idea of how much you can spend. The cost of ownership is something that can’t be judged unless you take a shot at it.

The cost of renting a house would have been much cheaper, but while owning one, you will have to meet a lot of unaccounted expenses. Hence do have a clear image of your budget and filter the options according to it.

2. LOCATION

Accessibility is a core criteria in this. You and your family should be accessible easily from where you work and vise versa. There is no point in having a location that is difficult to reach. From your home, you should be able to reach the places easily from where you need to fulfill your daily needs.

At the same time accessibility should not be affecting the security of your family. Choose a location that is equally secure and accessible.

3. LAYOUT

Sometimes there may be a lot of options that tick the above two criteria. At this stage Layout is something that can allow you to filter in more.
You need to choose a layout that fits your lifestyle. Your lifestyle depend on your age, marital status, friend circle etc and hence choose wisely on it.
For example, if you are married, you ought to have a good kitchen and living room. You need to have a porch if you have car. Likewise, plan accordingly and choose a proper layout.  You can check out 18 Easy Decorating Ideas To Makeover A Room In A Day here.

4. STRUCTURE

The structure of the house must be strong enough to withstand normal living standards and at times even some misfortunes like natural disasters. Inspect the house properly, if possible, hire a structural expert to make a clear analysis of the home. This will help in creating a peaceful atmosphere.

5. FLEXIBILITY

Sometimes all of your preferences may lead to a null result. At this stage, Flexibility is what is required. You may have seen a house that almost fits your preferences but not completely. Don’t bother, if you have the courage, confidence and financial background you can go for it without much worries.