How to Buy a Home | Polk County Realtor
Home ownership is a great way to build equity, get tax breaks, and have a place to call your own. However, it’s not always possible or the right choice for everyone. Before you decide to buy a home, there are a few 3 important things that impact your ability to buy a home:
1. A steady job
2. Good credit
3. A down payment
1. A Steady Job
In order to buy a home, you will likely need to get a loan. The first factor that banks will look at is your income. Having a steady job is critical. A steady job is one that provides you with consistent hours and pay. Consistent pay allows you and the bank to create a budget, and estimate what you can actually afford. If your job does not have guaranteed hours it is difficult to be sure how much income you will have. Also, if you have bounced around between many different jobs, banks will worry about your ability to maintain consistent income. When it comes to getting a loan, it is not just about how much you make. Banks like consistency and predictability.
Fortunately, Polk County, Florida, has many great job opportunities. In fact, Polk County is adding jobs faster than any other metropolitan area in Florida! This is one of the great reasons to live in Polk County. In addition to there being a lot of job opportunities, the median home price is still below the national average.
2. Good Credit
Banks will also look at your credit score. This indicates the “risk” associated with lending you the money for a home. If you have good credit, you’re more likely to be approved for a loan and get better interest rates. You can check your credit score for free through sites like Credit Karma or Annual Credit Report. Building good credit takes time, and takes a little bit of strategy. Good credit comes from paying your credit card on time. Additionally, it comes from being able to manage your credit. That means maintaining a balance, paying it regularly, and not over extending yourself. In other words, opening a credit card but never using it will not help your credit as much as using a credit card responsibly.
3. A Down Payment
Another important factor is having a down payment saved up. Most lenders will require at least 5-10% of the purchase price as a down payment. If you have less than 20% saved up, you’ll also need to pay private mortgage insurance (PMI). PMI protects the lender in case you default on your loan and can be paid monthly as part of your mortgage payment or upfront in a lump sum. A larger down payment will also usually get you a better interest rate on your loan. However, many people these days might have a good job, and good credit, but not have a large down payment saved up. There are many different programs out there that can help with this. DRJ Real Estate can help you understand all your options.
Heroes Can Actually Get Money Back When Buying a Home!
DRJ Real Estate is the official affiliate of the Homes for Heroes home buying program in Polk County, Florida. Homes for Heroes is a national home buying program that gives back to our community heroes by saving them money when they buy a home. While there are many types of heroes out there, Homes for Heroes recognizes people who work in the medical field, law enforcement, fire service, military (active duty and retired), and education. The average Hero Reward is worth over $2,000 in discounts and cash back, and is scaled to the amount you spend.
Qualifying is really easy, with no hoops to jump through and no fine print. CLICK HERE to fill out an application in less than 5 minutes!
Call DRJ Real Estate to Help You Buy a Home
Buying a home is a big decision with many factors to consider. You’ll need to take into account your employment situation, credit score, and savings for a down payment before you can move forward with buying a home.. Taking these steps will help set you up for success when buying a home in Polk County, Florida or anywhere else in the country!
If you need help in real estate in the Polk County, Florida area, CALL DRJ REAL ESTATE. Our team has the experience and the modern skills to help you buy or sell a home. We are passionate about helping our clients and our community.
We offer a FREE 30 minute consult. During this consult we will go over a quick market analysis with you. Additionally we will answer any questions you have about the market and process for buying or selling your home.
We also offer online seller’s and buyer’s courses to help you learn all the best home selling tips and buyer’s secrets. CHECK THEM OUT!!
If you are looking to move into the beautiful Polk County Florida area, or you are looking to sell your house, then CONTACT DRJ REAL ESTATE right now to put us to work for you! We are Polk County’s premier, full service real estate team that specializes in Polk County and Lakeland real estate.
Are you a Hero?? Ask us how we can help save you thousands of dollars as a Buyer or Seller! Collect Your Hero Reward if you are a Firefighter, LEO, Medical Professional, Teacher, Military or Veteran, or Clergy!
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How to Buy a Home | Polk County Realtor