If you search the internet for 'home buying' you'll find an abundance of tips and tricks but they're all pretty much the same.
The end result is you purchasing your dream home so we're here to help you through the process from start to finish.
There are 4 categories:
Down Payment Tips
- 20% is a common down payment. We can go as low as 0% Down Payment on approved conditions
- Putting down less than 20% may mean higher costs for PMI (Private Mortgage Insurance)
- Explore mortgage options: 30 year fixed, 20 year or 15 year-fixed
(A) Conventional that conform to standards require as little as 3% down. 20% down no PMI required
(B) FHA (Federal Housing Administration) permit as little as 3.5% FICO Score of 580 or higher
(C) VA requires no down payment, no minimum credit score. May pay a VA funding fee.
Local Assistance Programs
- Down Payment Assistance Program- Qualify up to $20,000 towards closing costs and fees. (Call Us For More Information)
Application Tips
- Determine how much you can afford
- Check your credit and pause any new activity (Credit Karma, Credit Sesame or 1 free credit report a year from all 3 credit reporting)
- Avoid opening any new accounts such as credit cards or auto loans until your home loan closes.
- Compare rates from at least 3 lenders (Contact Us Today for a No Obligation Free Rate Quote)
- Getting PREAPPROVED!
Shopping Time
- Higher the right buyer's agent
- Research nearby schools (This can affect home value)
- Look at the Local Safety and Crime Statistics
- Map the nearest hospital, pharmacy, grocery store and other amenities that are important to you.
- Take a drive through the neighborhoods on various days to get a feel for everyday living
It's All About the Budget Not The Bass
- Look at properties that cost than the amount you were approved for.
- Approval amount doesn't account for monthly expenses or problems.
- Shop with a firm budget
- Have fun going to Open Houses!
Mistakes to Avoid
- Not budgeting in closing costs which can run between 2% and 5% of your loan amount.
- Not Comparing prices for homeowners insurance, home inspections and title searches.
- Not saving enough for after move-in expenses
- Buying a home for today and not tomorrow
- Passing up the chance to negotiate
- Not knowing the limits of a home inspection
- Not buying adequate homeowners insurance
We're here to help you along the way. When you're ready to purchase let us know!
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