Miriam Sanchez Group’s Home Purchasing Guide for 2021

Miriam Sanchez Group’s Home Purchasing Guide for 2021

Do you ever find yourself dreaming about you and your family in a new and comfortable home? Although we may be living through difficult times after the COVID-19 outbreak, we should never stop planning for our future.

Here’s 5 valuable tips from the Miriam Sanchez Group to review before beginning the home-buying  process. These tips are also useful for those who have bought a home before as they can refresh your memory about some valuable concepts to remember about home buying. 

Miriam Sanchez Group’s Home Purchasing Guide for 2021

1. Make Sure You Are Saving

Before you can even consider jumping into buying a house, you must first check in with yourself to make sure you are prepared for the investment. Purchasing a house includes much more than just the listing price or mortgage payments. 

Buying a house consists of plenty of additional expenses that should be considered and saved in advance like move out/in expenses, down payment on mortgage, and closing costs. When searching for a home, you have to evaluate how you are going to pay for application fees, inspection costs, credit report and other closing cost items. 

According to Zillow, buyers should anticipate that at least 2-5% of the purchase price will go straight to closing costs. Something to keep in mind is that closing costs are negotiable and not all fees are required depending on your situation. 

2. Clean Up and Strengthen Your Credit

A healthy credit score can get you a lower interest rate on your mortgage loan. A “good” credit score falls into the 760 or higher which is the standard limit in order to be accredited for the exact purpose of lowering interest rates. Things you can do to improve your credit score include paying off credit bills on time limiting the amount of credit cards you use and reducing the amount of debt you owe. Working proactively on your credit score can benefit you in the long run when it is time to purchase your first home.

bar graph showing interest rates are lower today compared to a year ago.

Description automatically generated with medium confidence

3. Learn about the Various Types of Mortgage Opportunities

There are many different mortgage options to choose from so it is important to do your research and find out which option provides you with the most benefits. For example, Veteran’s qualify for the Veteran Affairs loan, which includes no down payment with little to no credit restrictions. 

A popular option is FHA which requires a minimum credit score and a percentage paid as a down payment. These options can vary but one thing that stays consistent is that “borrowers with higher credit scores can qualify to make a lower down payment” (White, 2020).

4. Figure Out How Much You Can Afford

When considering a new mortgage, it is vital to shop around in order to find the best option to help fit in with your budget. By comparing lender rates and overall cost, it gives you a better idea to see if the house you want is the house you can afford. Rates are always changing with the market so it is crucial to be mindful of this when shopping for a home. 

5. Finding the Perfect Home for You 

Choosing the right location is important to help you figure out if you are actually going to like where you are moving to. Researching the local school ratings can be a sensible way to see if the area is a good fit for your family. Different types of homes can be available for each family’s lifestyle and budget. 

For example, single-family homes offer more privacy and space for you and your family. Condominiums restrict privacy and enforce more rules as it is a communal living situation with shared parking, elevators, and common areas. Although this option may be more affordable at times it can be undesirable to those who enjoy their privacy and large space. 

You can also search for new construction properties or “fixer uppers” each option has their own pros and cons. Fixer-uppers may be cheaper but they require buyers to make an additional investment in renovating the home to make it move-in ready. 

New construction may be slightly more expensive but it usually has a more modern layout with new plumbing and windows, these homes are able to build equity faster than fixer-uppers since they are brand new to the land. 


Before considering buying a home think about all the factors that come with the process. Saving in advance, improving your credit score, learning about mortgage options and figuring out what you can afford are simple steps that can lead you to find your perfect home and be able to afford it! Expenses quickly add up during the home buying process so it is good to take initiative and start early.

By saving for unexpected costs you will feel more confident in your investment instead of swimming to keep your head above water before your even get the keys. Managing your credit can help lower interest rates for potential mortgage options which can help you and your family immensely in the long run. Learning about how to find the perfect mortgage options for you is critical.

There are many plans out there so it important to speak with a professional advisor when looking for the right option for you. Contact the Miriam Sanchez Group to schedule a meeting to begin your home-buying process. Evaluating whether or not you can afford to purchase a home gives you the opportunity to better prepare yourself for this long term investment.

Important questions to ask yourself are – Do I have steady income? How much debt do I carry? These questions can be effective ways to analyze your situation to see if you can handle the investment. Researching your prospective market and getting familiar with the rates and the fluctuation of prices can help you better understand the real estate market in your area. Since COVID many businesses have made the buying process virtually accessible anywhere! You can find information about the market in your area through numerous websites, a popular one is Zillow.com.

If you have an interest in purchasing a home, be proactive and start doing your research right away! Speak with people you know who have bought a home and ask them about their experience. You can also contact me, Miriam Sanchez at 954-394-8722 or via email at to help answer any questions you may have about the home buying process.


The Miriam Sanchez Group offers a guide to give you directions to help you start your home-buying journey on the right path.


Miriam Sanchez Group


– Buying a home

– Buyers

– Investment

– Mortgage

– Credit Score