For anyone who is considering the purchase of one of our wonderfulhomes for sale in Bethesda or anywhere else in the US, and even those of you who own but have not bought a home recently … it can be somewhat to very overwhelming trying to understand the entire process. The answers to questions about how to go about owning Bethesda real estate that were once easy to answer are more complex and convoluted these days given the various rate and financing plans, how credit scores affect your interest rates and eligibility, and so on. Simply asking … how much can I afford and how much down payment am I going to need results in a wide range of answers.
These and other important questions are presented in simple terms in the following infographic that was provided by the lender The Provident Bank of NJ. This “Path to Owning a Home” lays out in simple steps the various stages in the process of buying a home as well as takes into account several key things to consider as you begin the path toward becoming a homeowner. These steps are based on a pretty typical scenario. However, if a potential buyer were to have cash and assets in addition to annual income, of course that person could qualify for a higher loan amount than without additional assets, etc.