More people are taking advantage of today’s mortgage products to purchase their dream home. Here are few tips & strategies to help you prepare for home purchase:
Know how much you can spend and determine how much you can afford.
Our mortgage planners can help you:
- Finance your home based on your monthly payment comfort level.
- Determine how much cash to use as your down payment and where to get the funds.
- Understand your before & after tax monthly payments.
- Restructure some other debt you may have to free up more monthly cash flow which enables you to improve your home buying budget.
Know your credit score and history.
You may be able to get a better mortgage rate & more favorable loan terms by restructuring some of your credit card balances, auto loans, etc. Our mortgage planners can help you correct errors on your credit report & determine which balances to restructure or pay off, in order to improve your credit score.
Obtain full approval, versus pre-approval or pre-qualification.
It is recommended to obtain a full approval / loan commitment from our mortgage planners before you even start looking for a home. Most pre-approval’s & pre-qualifications are not considered a bona fide commitment from a mortgage lender that if fact has approved you for financing. Many real estate transactions have been ruined because buyers, sellers & Realtors have counted on pre qualification letters that proved meaningless.
Evaluate the mortgage products that will work best in your situation.
It is far better to have a Mortgage Planner who can help you implement the best strategy with competitive interest rates than for you to shop for the lowest rates with the wrong strategy.
Don't be confused by housing misinformation.
It is always wise to base your decision to buy or not to buy on facts that would pertain to your geographic area, versus the whole nation. Our professionals can help you evaluate conditions in your local real estate market, such as local housing inventory, local unemployment rate, income speculations & development projects & other factors that can help you make intelligence choices on weather to buy or not.
Develop a strategy for financing your closing costs, home improvements & furniture expense.
Our professionals will help you understand the costs involved in home ownership, and help you develop a financial strategy for dealing with these costs ahead of time.