subject: Signs That Youre Ready For Miami Beach Real Estate Homeownership [print this page] You are budget-savvy
It takes years of practice to become a good budgeter. Clearly defining your wants from your needs is greatly helpful in planning monthly expenses. If youre blessed with good money-management skills, you know youre on your way to Miami Beach real estate homeownership.
You have a substantial down payment ready
Of course, how can you purchase a Miami Beach real estate property if you dont have the right amount of money? Since you are already a seasoned budgeter, it will be easier for you to save up and allocate some extra cash for your down payment fund. The best surest way to guarantee youre future mortgage loan is a sizeable down payment to the tune of 20 percent the amount of the home you plan on purchasing.
You have a stable income
Being able to hold a job for at least two years is important. Many lenders consider these types of borrowers as low risk as compared to those with hefty income but short-term employment history. Furthermore, if you want to stay away from problems in the future, maintaining your cash flow is crucial.
You have emergency savings
Anticipating financial troubles in the future is helpful when you become a homeowner. You just dont know when youll need money for medical expenses or other installment loans. The emergency savings fund will also help you prevent miss out on your mortgage payments in case of job loss. Its wise to at least stash three to five months worth of your salary as emergency savings.
You have a good credit rating
Even if you dont have an outstanding credit rating, if its in good shape, its good enough for the lender. Furthermore, your credit rating will be backed by your equally good financial standing, so you dont have to worry. Its important to always keep up with your payments and make sure that you dont accumulate debt. If you manage to maintain a good credit rating, youre sure to have a better chance of getting mortgage-approved for your Miami Beach real estate property.
