20 Top Home Buyer Tips
Buying a home provides a place to create memorable family gatherings.
Homeownership also enables buyers to secure long-term payment stability versus annual rent increases.
You can navigate the home-buying process with confidence via home buyer tips from Mindful Money.
Save Money - Start saving money as soon as you have decided to buy a home. While, you may not need a 20 percent down payment to purchase a home, you might need a down payment of 3.5% of the sales price or more.
Check Your Credit - Visit the Annual Credit Report website to obtain a free copy of your credit report. Review the accuracy of your payment history, outstanding balances, addresses and employers. Follow online instructions to dispute inaccurate information.
Pay Your Bills as Agreed - Maintain your credit by paying all of your debts on time. Late payments can impact your credit rating and your credit score, which could also affect your mortgage approval.
Reduce Your Debt - Pay off or pay down debts that you can.
Fewer debts or lower monthly debt payments could improve your mortgage financing options.
Find Additional Ways to Save Money - Reduce your spending toward non-essential items, such as dining out, extra television apps, luxury purchases and unplanned splurges. Place the savings into your bank account for your down payment, closing costs or for your financial reserves.
Contact a Mortgage Broker - Speak with a mortgage broker about your desire to buy a home. An experienced mortgage broker, such as Samantha Cooley can discuss affordable home-buying options with you.
Submit a Fully Completed Loan Application - A thoroughly completed loan application that displays your debts, income, assets and your current housing costs will provide a clear picture of your financial situation.
Inquire About a Pre-Approval - A mortgage pre-approval will reflect how much money you are qualified to borrow. With a pre-approval, you can look for homes that’re within a price range that you can afford.
Submit Requested Documents Promptly - Your lending team will be striving to close your loan on the scheduled settlement date. Quickly sending items that are needed to fulfill underwriting conditions for your home loan can lead to a faster clear to close.
Search for Homes Online - Browsing the Internet to view homes in various neighborhoods can provide some helpful insight about properties for sale and recent sales data.
Visit Local Open Houses - You should be able to locate open houses in areas where you may want to buy a house. Touring several homes could help you discover your preferred home styles.
Ask Your Mortgage Broker About Reputable Realtors - Experienced mortgage brokers can introduce you to local real estate agents who are knowledgeable about areas where you want to buy a home. For instance, Samantha Cooley, a licensed mortgage broker with Mindful Money works with Realtors and home buyers in Arizona, California and Colorado.
Explain the Features That You Want Your Home to Have - Do you have a wish list or certain amenities in mind? Sharing specific details can save you and your Realtor a lot of time. Mention items that might have delayed your home search. For instance, your Realtor should know if top-rated schools, nearby shopping or close proximity to your job are among your most desired needs.
Avoid Applying for Additional Credit - Credit inquiries can negatively impact your credit score and your mortgage loan approval.
Don’t Finance New Items - Some home buyers may want to finance items, such as furniture, a new vehicle or a home theatre system. Delaying all purchases until after the closing of escrow could avoid additional underwriting concerns or a potential loan denial.
Seek Home-Buyer Education - Ask your mortgage broker for information about the home-buying process. Inquire about classes for first-time home buyers.
Ask Questions About the Home Buying Process - When you have questions or concerns about buying a home, seek clarity from your mortgage broker.
Inquire About Funding Resources - Ask your mortgage broker about down payment assistance programs and resources to help you pay for closing costs.
Apply for a VA Mortgage Loan - Inform your mortgage broker about your military service. Some current servicemembers and veterans are unaware of the benefits of a VA mortgage loan. You may qualify for a home loan without making a down payment.
Get a Home Inspection - Generally, a home inspection is optional. Knowing the condition of the systems within a house could save you from purchasing a money pit or enable you to move forward with a home that’s in good shape.
Mindful Money offers home buyer tips and affordable mortgage loans in Arizona, California and Colorado.
Apply online today for a home mortgage loan.
Speak with Samantha Cooley about buying a home, refinancing or about obtaining a reverse mortgage loan.