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Get Your Finances In Order
Once you have decided to purchase a home, you should do a financial inventory. Determine your ability to secure a mortgage, and identify any problem areas if they exist. By assuring that your finances are in order, you enhance your ability to secure a mortgage at a favorable rate.
The first step in getting yourself in financial shape to buy a home is to know exactly how much money comes in and how much goes out. Use this worksheet to list your income and expenses.
Your Credit Score
Credit scores range between 200 and 800, with scores above 620 considered desirable for obtaining a mortgage. These factors affect your score.
Credit scores, along with your overall income and debt, are big factors in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high.
How Much House Can I Afford?
Buying a home can be a complicated process, especially if this is your first home. One of the most confusing and important aspects is the costs of buying a new home. How do you determine what you can afford?
If you’re working with a REALTOR®, he or she can guide you through this step. Determining how much you can afford to buy depends on three factors.
Not only does owning a home give you a haven for yourself and your family, it also makes great financial sense because of the tax benefits — which you can’t take advantage of when paying rent.
The following calculation assumes a 28 percent income tax bracket. If your bracket is higher, your savings will be, too. Based on your current rent, use the following calculation to figure out how much mortgage you can afford.
The Importance Of A Pre-Approval Letter
Most home buyers know they should get a mortgage pre-approval letter from a lender before they begin seriously shopping for a home. But the reasons for this advice aren't always clear, and buyers sometimes are dismayed by the amount of paperwork involved. Here is some of the reasoningbehind the advice.
Applying For A Mortgage
To obtain a home mortgage, you must complete a written loan application and provide supporting documentation. During the prequalification procedure, the loan officer will describe the type of paperwork required. Documents required may vary by lender so be sure to follow your lender’s instructions accurately. In addition, some fees associated with appraisals, credit reports and lenders may be required.
Know The Breakdown Of A Mortgage Payment
When you make a mortgage payment, exactly what are you paying? You are probably familiar with principal and interest, which are the major parts of your mortgage payment. Here is a breakdown of all the costs included in your mortgage payment.
You've Been Approved, Now What?
Work with a REALTOR®. With a REALTOR® as your partner, you can avoid costly mistakes and get the most value for your purchase or sale. Your REALTOR® has the professional knowledge, resources and dedication to ensure everything will go smoothly. They have the expert knowledge on key issues such as:
- Your local market, including current property values, real estate taxes, utility costs, and municipal services and facilities, and local zoning issues.
- The entire buying and selling process.
- The unique and complex language of real estate.
- Mortgage financing information.
- Using the Multiple Listing Service with access to 1,000’s of listings.
- Legal issues for property owners such as seller disclosure, lead-based paint, carbon monoxide and radon.