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Today, we want to offer some quick tips on how to prepare for the home buying process.
If
you were planning to sell your home, would you list it without any
preparation? Probably not - you would clean, make repairs, and work to
make your home more appealing. Preparing to get a home mortgage is very similar: you begin by cleaning your financial house.
If
you're a first-time home buyer, you should consider the
pre-qualification at least 6-12 months prior to looking for your home. You
need to have your credit evaluated by a mortgage professional, as
online credit score companies use a different model than lenders. If you
go online and find that you have a score of 720, don't be shocked when a
bank runs your credit and it actually turns out to be 660.
When
applying for a mortgage loan, you will need to have some money in the
bank, as you'll need money for a down payment and closing costs. Money
is crucial in this process! We can't count cash toward your down
payment, and any gift must be sourced in detail. If you're purchasing
with a co-borrower, we need to qualify them. Additionally, if you're unsure of what you qualify for, we need to educate you and help you resolve collections.
If
we start in advance, we can guide you so that by the time you find a
home and fill out an application, all your problems have been resolved
in advance and your financial house is already in order.
If
you would like more information about the process, or if you're ready
to get started, give us a call or shoot us an email. We would love to
hear from you!
