You may be confident that you are prepared to buy a home in West Bengal. However, have you done your research about the upcoming residential projects in Kolkata? How good is your credit score? You might also need a checklist for the must-haves of your new house, which will come in handy if you are using a real estate agent. These are just a few things before you buy a certain property. Let us evaluate the most critical things you should do, prior to purchasing a home. Create a checklist The real estate market in West Bengal, India is large and overwhelming. Hence, to avoid wasting much time and resources, make a checklist of the things you would need to be in your new home. This will enable you to narrow down to a few manageable choices. It will also help you to get the best property in your price range. Find out about the prices, your credit score and the possible mortgage lenders for your case. Improve your credit score If you realize that your credit score is far below the acceptable standards of most lenders in West Bengal, there is need to jumpstart it. Otherwise, you will have to suppress or postpone your dream for acquiring a house among homes in Kolkata. The ancient rule of thumb still applies that ‘the higher the credit score, the lower the monthly payments’. If yours is below the stipulated level, you will pay either a higher deposit or high monthly payments. Ensure to clear your old debts before requesting for financing. Assess how much you can afford The home you want to buy should be financially comfortable. Make sure that cost of the mortgage will not take more than 28% of your gross income per month. This way, the new home, will not prevent you from living your life normally or push you into bad debts. However, this does not mean that you cannot afford a home in the upcoming residential projects in Kolkata. There are homes for all budgets. Calculate the down payment and closing costs Depending on the lender, you will have to cough up about 3% to 20% of the price of the home. This is the money you will pay upfront, after which you will follow it with the loan installment payments. You will also be expected to foot the closing costs. Furthermore, you can negotiate with the seller to pay for a part of the closing expenses. Get a pre-approval for a mortgage The sellers will be willing to address you, if you are already pre-approved for a mortgage. It will be a total waste to embark on home shopping venture only to find out later when you have already found your dream home that you do not qualify for financing. If you are serious home shopper, ensure to do all the things discussed above. Assess your credibility for refinancing; clear your bad credit history, save for the down payment and closing costs. Finally, get a pre-approval for a mortgage. When you have done that you can be assured of buying a residential property from the homes in Kolkata or any other place in West Bengal.
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