Don’t Let Major Home Repairs Put You in the Hole: Tips to Cover the Cost on a BudgetOwning your own home is exciting. It takes some budgeting, especially when you factor in the cost of the
Lets Get Ready To Buy A House
Most of us want to buy a home. Most of us know what we would like and where we would like to live. From the FSBO we saw down the street or researching destination towns....it all looks so easy. We see "easy financing" or "No Down Payment" as labeling for promotion loans. Just about everyone has clicked to see if they qualify and very, very few actually do. It can be easy to get discouraged. However, we have a few steps to help on your path to home-ownership.
Realistically, this process may take 6-12 months (more or less depending on key variables). Some preliminary suggestions are to pull a credit report, consider a sizable down payment and research lenders.
Examining your accounts closely and considering your current credit score are essential to securing financing.You may need to work for a few months to overcome some obstacles and raise your over all credit score to secure financing through a lending institution. When approaching a loan professional, you will need to have done your homework. If you chose to work to raise your score, the potential to save money on your interest rate is typically greater. If you have recently changed jobs or are planning to, these need to be considered before you apply for a home loan.
Since this can take months to see a change in your credit score, you should start checking into loan options, interest rates and what they require as part of their pre-approval process. Soon, you will be looking for a licensed real estate broker and your loan officer may have some referrals for you.
Once you begin working to get pre-approved for a loan amount you can realistically start shopping for properties. Of course the necessities like size, bedrooms and area will be on your short list, you will also need to inform a potential real estate professional that you are pre-approved. This will greatly increase your negotiating power and lead to a more expedient home purchasing process. Since you will be provided a pre-approval letter from your lender and have specifics in-hand, booking showings is a lot more fun!
While you and your agent are searching for the perfect listing, you can be setup to receive alerts via email. This is a great tool because you will see listings come on the market as soon as the big guys. In addition, your agent uses these systems to keep in touch throughout the process, closing, onto the anniversary of your sale and into the purchase of your next home. This business is all about relationships and we care about YOU FIRST!
One key factor to consider is that in order to get a loan, your credit will be "pulled" in order to determine your eligibility. It will again be pulled just before closing. The most important thing is to retain the same employment (if possible) throughout the entire process. This can be the deal-maker or breaker in the closing of your new home.
My name is Alex Hake and I moved to the Oregon Coast in 2017 after years of Real Estate investing in the Midwest. My family and I found the Oregon Coast to be paradise, and the perfect place to be ins....