Anyone should be able to buy a house, as long as they have the financing for it. But there is a surprising gender gap when it comes to buying houses and getting loans. A recent Yale study revealed that women ended up paying two percent more than their male counterparts. That may not seem like much, but the numbers show that this can result in women losing out $1,600 every year compared to men in their house values. That builds up over the years and can be quite depressing. If you are a single woman and have plans to buy a home of your own, here are some tips on balancing things out.
Do Your Research First
You are likely a first-time homebuyer, so the best advice is to do all the necessary research before even starting the mechanism of house purchasing. This gives you a better idea of what is going on and what you have to do. Your research might also show that you might qualify for special housing assistance. For example, the Teacher Next Door program can help teachers who are looking to buy a home of their own. They can offer to assist with several thousand dollars in grants, and down payment assistance can reach more than $10,000. If you qualify, then you should be using it. Other things that you have to educate yourself about are the house-buying process and getting home loans.
Build A Solid Team
Besides finding out more about the housing market and your options, you should also be building a team of people to help you buy a house. You will need an agent, an attorney, and more. It is a group effort, and you want people that will help you out. Try to work with people who believe in what you’re trying to do. Don’t let the naysayers limit your options but work with those who open up to the possibilities.
Look To Digital Lenders
When it comes to mortgage loans, there a lot of options available. Your local banks should be able to offer you some competitive rates. But the problem with actually going to these lending institutions is that there some people who have biases. When banks see a single woman with a single source of income, they aren’t as generous as they could have been with a male borrower. Fortunately, digital lenders are more open and often operate based on algorithms. This has seen loan approvals for single women and minorities increase among them. If you are having difficulty getting a loan locally, consider working with digital resources to find a good deal.
Always Go For the 20 Percent
Housing loans always request that you make a down payment as a security. If you want to have minimal problems, then you should always pay the full 20 percent down payment. Even if the lender offers to lower the amount, paying it allows you to avoid the private mortgage insurance you would be saddled with. You should save for the initial down payment rather than paying the premiums.
Go Beyond Pre-Approval
When you are hunting for potential houses, a pre-approved loan can be compelling to the seller. This assures them that they will be sure to get their money. But you should go the distance and prove to any seller that you will be able to deliver payment. This includes being ready to pay the down payment on the house and having your lender contact the seller to build you up as a good buyer,
Evaluate All The Potential Purchases Closely
As for house hunting, you and your real estate agent must work together to ensure you don’t get a bad deal. Several factors go into buying a house, and there are more when you are a single female. For example, you might want to be sure that you are safe as the lone occupant of the house. Other factors are economical. Look at the local economy and ensure that you won’t lose value in your home in the future. Finally, as part of the house buying process, never skimp on the home inspection. You want your new home to be free of issues that you have to spend money to fix.
Owning your own home can be a great milestone. Being its sole owner is a great achievement, mostly when you did it as a woman. While it can be difficult to do so, it can be worth all the sacrifices you can make.