If are considering purchasing a new home in Pittsburgh this spring or summer, you might find yourself on the fence due to the unknown of what is going to happen to interest rates in the coming few years since they are currently at record lows. Odds are over the next few years, home prices will continue to increase and you might very well look back and wish you had bought your new Parry home when you first thought about it. Here are some things to know when you consider buying your Parry Custom Home.
The first tip is to not buy a home if you can’t stay put. If you can’t commit to a least three years at minimum, you may end up losing money if you sell your Parry home sooner, even in a rising market.
The next tip if you are at a place where you can stay put for a while is to start shoring up your credit or make sure it is in good standing before you set to purchase a new home. Make sure your credit history is as clean as possible. A few months before you purchase your new home, get copies of your credit report. Make sure the facts are correct and fix any problems you discover.
The next tip is if you can’t put a large sum of money down for a down payment, you may still qualify for a loan. There are a variety of public and private lenders who, if you qualify, offer low interest mortgages that require a small down payment on a home.
The next tip is to choose carefully between points and rate. When picking a mortgage for your new Parry home, you usually have the option of paying additional points, which is a portion of the interest that you pay at closing, in exchange for a lower interest rate. If you stay in your Parry home for a long time, it is usually a better deal to take the points. The lower interest rate will save you more in the long run. Check with you financial adviser to help you decide.
Lastly before you even choose your Parry home, make sure you get pre-approved. By getting pre-approved you will know how much house you can afford and put you in a better position to make a serious offer when you find the right Parry model home for you and your family. Don’t confuse this with pre-qualification, which is based on a brief review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.
If you decide to take the step of purchasing a Parry home, we hope this has helped you as you lay out your future as a homeowner in Pittsburgh and would love to help make your new home dreams a reality with one of our beautiful new homes!
Parry Custom Homes is an established homebuilder in the Pittsburgh area. Call or contact us today for more information.