HOME BUYING
FINANCING TIPS
GET YOUR CREDIT IN CHECK
Make sure you’re financially prepared for home ownership. Do you have a lot of debt? Plenty saved for a down payment? What about costs? Ask yourself “how much house can I afford?” before you go further. Additionally, know that lenders look closely at your credit score when determining your eligibility for a more a mortgage loan. Check your credit score and do anything to improve it. Such as lowering outstanding debt, disputing any errors and holding off on applying any other loans or credit cards.
FIND THE RIGHT LENDER
Just like you want to get the home that best suits your needs, you’ll want to find a lender that best suits you. I suggest using a broker to help you find a lender, talk to your real estate agent–I am here to help, ask friends and family for referrals, and compare at least three lenders.
BE PREPARED
A lender will need information from you in order to get you pre-approved and through the home buying process. Here are a few things to have ready for them. W-2 forms from the past two years Pay stubs from the last 30-days Federal tac returns from the past two years Proof of other sources of income Recent bank statements Details on long-term debts such as car or student loans ID and Social Security number *If you’re self-employed, you may have to provide extra proof of your financial stability, including having a higher credit score or larger cash reserves, and probably providing business tax returns.
STEP BY STEP
BUYING PROCESS
01
CONSULTATION
Meet with your real estate agent. Discuss what you are looking for
02
PRE QUALIFIED
If you need financing get pre-apprived by a lender or bank
03
HOME SEARCH
Your agent will narrow down options for your review
04
MAKE AN OFFER
Negotiate the offer and get it accepted!
05
HOME INSPECTION
Discuss results, decide if any repairs are needed and if you want to move forward
06
APPRAISAL & TITLE SEARCH
The bank or lender orders appraisal, title search and final financing is set
07
CLOSING
Sign the papers and pop the bubbly, Congratulations! You are a home owner.
BUYER MISTAKES
AVOID THESE MISTAKES WHEN BUYING YOUR HOME
GETTING TOO EMOTIONAL
It's easy to fall in love with a house because it feels just right. But buying a home is a big investment, and emotions can cloud your judgment. Imagine falling for a beautiful house, only to discover later it needs costly repairs. Stay objective and consider practical aspects like budget, location, and condition to avoid costly mistakes.
SHOPPING BEFORE GETTING PRE-APPROVED
Picture this: you find your dream home, but when you go to make an offer, you discover you can't get the financing you need. Getting preapproved for a mortgage first gives you a clear picture of what you can afford and makes your offers stronger. This way, you’re house-hunting with confidence and ready to act quickly when you find the right place.
EMPTYING YOUR SAVINGS
It might seem like a good idea to use all your savings for the down payment and closing costs, but what happens when unexpected expenses come up? Homeownership comes with surprises – maybe the roof needs repairs or the water heater breaks. Keeping a financial cushion ensures you can handle these surprises without stress.
NOT COMPARING OR APPLYING WITH MULTIPLE LENDERS
Imagine you accept the first mortgage offer you get, only to find out later you could have saved thousands with a better rate from another lender. Shopping around and comparing offers from multiple lenders can uncover better deals and save you money over the long run. It’s worth the effort to ensure you’re getting the best terms possible for your investment.
WANT TO LEARN MORE?
For a complete guide on the buying process contact me for a free copy of the buyer's guide and lets help you prepare and find the home you're looking for.
Feel free to give me a call, text, email, or even use the "contact me" page to reach me.
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