Happy Thursday – I hope you are doing well. For this week’s video I want to discuss knowing your budget before you start looking at homes. As I have discussed in previous videos, the biggest issue we are having is low inventory. This is creating a bidding war and if you don’t know your budget, it is hard to win an offer in our current market.
Here is what I mean by knowing your budget. You need to look at your finances and determine the most you can bring to closing and the max payment you can afford if you find the perfect home. Once you determine this, you can call your lender and they can help you determine the max purchase price you should be looking at with your realtor.
This will allow you to not waste your time looking at homes you can’t afford and put you in a position where you can make a strong offer when you do find the home you like. Most homes are going above list price so you need to make sure you are looking at homes $25k below your max price point.
If you need help determining your budget, please attend our next personal budgeting class.
Personal Budgeting Class– May 30th from 12 – 1 EST
Stewart Sadler
Managing Partner
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938