Buying a Home

Buying a home is considered one of the most complicated and stressful financial transactions a consumer will ever make; especially in today’s changing market. The good news is that there is a world of opportunity for buyers right now. Historically low interest rates, a vast selection of homes to choose from, motivated sellers and great stimulus incentives make this an excellent time to invest in real estate. A REALTOR® can help you navigate today’s changing market and tap into opportunities you may have never known existed!

Before you begin your home search, be prepared. Know your credit score, and how much you can afford. A down payment of 20 percent is standard in today’s market but there are financing programs that lend more than 80 percent of the home’s value. A good rule of thumb is that your monthly payment should not exceed 28 percent of your gross monthly income. A second guideline used commonly by lenders is that your total monthly credit debt, including your mortgage and home insurance payment, should not exceed 36 percent. The first step is easy and you’ve made it! By visiting RILiving.com, you can find a local REALTOR®, see the inventory of properties for sale, learn more about financing options or how governmental stimulus incentives can work for you.

Visit RI Living to search for properties