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What to do prior to making an offer on a home

While buying a home may be an admirable goal, Delaware residents will need to prepare ahead of time to achieve it. For instance, it may be necessary for individuals to look at their budgets to determine how much home they can afford. They should look to see how much is left over each month after car payments, food and other expenses are taken into account.

Homeowners should spend no more than 33 percent of their monthly income on a mortgage payment. Once a person determines how much house that he or she can afford, it is time to do a credit check. To qualify for most loans, a borrower should have a credit score of 620 or higher. Those who are at or below 620 may benefit from closing old credit accounts or increasing current lines of credit in an effort to increase their scores.

A person who is looking to buy a home will need to remain solvent after accounting for a mortgage payment. Keeping enough money to last three to six months may be helpful for new homeowners who may have to pay for repairs or other upkeep on their properties. Having reserve cash may also make it easier to pay medical or other bills after closing on the purchase.

When buying a residential property, it may be best to do so with the help of an attorney. He or she may be able to do a title search or ensure that adequate disclosure has been made regarding the property's condition. This may increase the odds that a person knows what he or she is buying, which may reduce the odds of a future legal dispute. If there are issues prior to, or after closing, an attorney may be helpful in resolving those disputes.

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