Summary: Real Estate Minute with Ilyce Glink If you’ve got a fixed income, stop looking at million dollar homes.
Audio Transcript: If you want to break your heart, start walking through homes that are out of your price range.
That’s one of the biggest mistakes first-time home buyers make. They wind up touring homes that have more space, amenities and upgrades than they can afford. When they start looking at homes they can afford, nothing looks quite good enough.
How do you avoid the problem in the first place? You’ve got to figure out how much you can afford to spend.
Get your tax return, checking and savings statements and current pay stubs together and pay a visit to your local mortgage broker. Talk about what kind of loan you’re looking for and ask the broker to help you figure out how much the loan will cost.
Then, before you sign on the dotted line, ask for a copy of the application. Go home and spend a few hours on the Internet shopping around at a bunch of different lender websites.
With practical, informative consumer advice, I'm Ilyce Glink, News-Talk 750 WSB
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