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Ways to buy a home in The Kansas City Northland with interest rates climbing are certainly changing. It’s good to know you can find knowledgeable, expert real estate help at Eric Craig Real Estate Team in the Northland. You may find that it takes a bit more creativity to find ways to purchase that home of your dreams. Lucky for you, our preferred vendors are working hard to combat these interest rates. Despite challenging interest rates, building equity will help offset the amount you pay in interest rates. Let us help you understand some of the possible benefits of finding ways to buy now.
Here are just a few of the ways you can buy a home in The Kansas City Northland with interest rates climbing:
- Know your budget
- Work with trustworthy lenders
- Raise your down payment
- Home sharing
Know your budget
During times of higher interest rates, it really pays to know how much money you have to spend each month on a mortgage payment. In order to do this, it’s important to really know where your money goes each month. Then, you can be sure of the amount available to you monthly to spend on your living expenses. This, of course, will include your mortgage payments. If you are concerned about the cost of maintenance on an older home, perhaps you want to investigate a new build. As you’ll learn, new home construction normally comes with warranties. Additionally, newer appliances can be more cost effective than older ones that can add to your utility bills.
Work with trustworthy lenders
The process of qualifying for a home loan can feel overwhelming with the paperwork involved. However, it can be a more streamlined process with a higher credit rating. This can help you to get the best mortgage rate possible. Be sure to check out these three critical parts of your credit score:
- Accuracy with no errors
- Pay off any outstanding loans possible
- Pay down on larger amounts of debt
Raise your down payment
By increasing the amount of money you pay upfront in the form of a down payment you can pay less on your monthly mortgage payment. Perhaps this might mean saving for a longer time period before buying a home. Otherwise, it can also be accomplished by putting more of your profits earned from the sale of a previous home into your new home. Raising your down payment can be a consideration for anyone with the funds to do so. In this way, you will be financing a lower amount for the length of your mortgage.
Perhaps you desire to purchase a larger home with the intention to rent a portion of the square footage to another person or family. Thus, bringing in some income to offset the overall costs of the property. This could allow your funds to purchase a home to go farther in a market with interest rates climbing.
At Eric Craig Real Estate Team we have a team of qualified local experts to guide you through the home buying process. No matter the housing market at the time of your purchase, we can assist you to get the best home to fit your needs and your budget.