Miami, FL is a destination that is extremely popular among tourists. With its close proximity to the Bahamas and the Caribbean Sea, the city is quite popular for yacht lovers. It is considered a perfect haven for people that love the water. In addition, the city is absolutely gorgeous and a perfect place to call home. Many couples that live there enjoy going out on the town to explore everything that the local area has to offer. If you are looking for homes for sale in the state of Florida, then Miami just might be an excellent choice.
Many couples dream of owning a home. Whether being just married or looking to start fresh in a new location, choosing to buy a home is a common goal that many couples have. At times, many couples find this task to be intimidating and highly-stressful. It is important to sit down with your partner and decide on a few important aspects that include:
- The type of home (new construction design, classic, or contemporary)
- Price Range (decide what price range is affordable)
- Mortgage type (fixed or adjustable rate, FHA, or interest-only)
- Property title (sole and separate, joint tenants, or tenants-in-common)
- Financial contribution towards the home purchase
If you or your partner has outstanding debt, this must be eliminated as soon as possible. When buying a home, is important to know that the amount of debt that you and your partner owe plays a huge role in determining the amount of money that a lender is willing to let you borrow. Most lending institutions will review your debt to income ratio as well as any assets that you own. If this ratio is too high, the loan that you are seeking may not get approved. As a rule of thumb, your debt to income ratio should be below 40% of your combined monthly income.
Build your Credit Rating
For couples who do not have any credit, this is an excellent time to build your credit score. You or your partner should begin by opening a credit card account for casual or emergency use. It is important that the card is always paid off on time. This will help you achieve a high credit score as well as allow you to qualify for a low-interest mortgage that you can use towards the purchase of your home.
Get in Touch with a Housing Counselor
The great thing about today’s technology is that there is no longer a need to speak with a reputable housing counselor face-to-face. You have the option to meet with a housing counselor online from the convenience of your home. Regardless of the option you choose, the counselor will help you review your budget to purchase a home as well as inform you of any affordable homebuyer programs in the Miami area.
It is common for couples to sometimes experience difficulty when seeking a home loan. If you are in this situation, there is no need to worry since there are homes for sale in Miami that have flexible payment options. Whether you are a buyer or a seller, you have come to the right place. LucnarProperties.com is your source for real estate information and assistance. You can purchase homes here or you can sell your home to us. Give us a call and we will give you more details.