Buying A New Home

Whether you are a first time home buyer, relocating, or a real estate investor this page is for you. There are several links to the left to help you navigate through the buying section of this website. For a LIVE real estate experience Check out the dates at the bottom of the page and sign up for upcoming seminars or visit our Videos link to see live seminars and other helpful presentations. For a full list of tools click My Tools.

Financial preparation is one of the first and perhaps the most important steps in the home-buying process. Taking a careful look at your credit, savings, total income, and cumulative debt, can help you prepare for the exciting world of home ownership. The following is a quick guide to help you monitor your readiness to purchase a new home.

Your Credit

Responsible credit use is an important part of the mortgage equation, and your lender will take your credit history into account when deciding whether to approve you for a mortgage. If you have a strong credit record, do your best to maintain it until you buy a home. If you’ve had past credit problems, the time to reverse that trend is now. Follow these steps to put yourself in the best possible credit standing:

Check your credit report at www.annualcreditreport.com Report outdated or incorrect entries as quickly as possible. You can get a free copy of your credit report from the 3 credit agencies 1 time per year.

Contact your creditors if you have a problem. Many creditors are willing to work with you if your financial situation dramatically changes. It is always better to seek assistance than to let a problem go un-checked.

Your Savings

Set realistic goals. Take an objective look at your income and monthly expenses to determine how much you can set aside. Make the first check that you write each month made payable to your savings or investment account. Although many programs require no down payment, a down payment puts you in a better financial situation and may help you qualify for more of a home.

Income and Debt

To qualify for a home loan lenders compare your income to your monthly obligations and outstanding debt. Approval guidelines vary based on credit history, loan program, and other compensating factors. Avoid taking on any new debt in the months leading up to your new home purchase. Even if your debt obligations are high, you may still qualify for a loan. Keep in mind that the better your income-to-debt relationship, the better loan program and interest rate you may qualify for.

When you are ready to take the next step toward home-ownership it is important to get Pre-Approved for your home loan. Pre-approval is like having cash in your pocket when making an offer on your prospective home. Be sure to schedule you appointment ahead of time to avoid delays.

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