| Buying A Primary Home |
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| Here are just a few stategies to help you be successful when buying your home. Know your credit score! You may be able to get a better mortgage rate and more favorable loan terms. Click here for more information about credit scoring. Protect your privacy...please check this link BEFORE letting any lender run your credit report. Know home much you can spend and how much you can afford. A CMPS professional can help you determine how much cash to use as your down payment and where to get these funds, your before and after-tax monthly payments and perhaps help you restructure other debt you may have that enables you to improve your home buying budget. Get a bona fide preapproval from a qualified lender. Many mortgage brokers, lenders and bankers will issue a "preapproval letter" or "prequalification letter" that can be meaningless. A true preapproval means that your credit has been ran and that an underwriter has reviewed and approved your loan scenario with all conditions received. A preapproval letter should address credit, verify where the buyer's funds for closing are coming from and the clients employment/income situation. The preapproval should also address the sales price, loan amount and the loan program. It's crucial to get preapproved before you begin shopping for a home. This helps determines the best program, review your mortgage payment and the funds needed for closing as well as identifies any potential issues that may need to be addressed before beginning the home buying process. Many Realtors will insist on having a preapproval letter from a lender before they will show homes or accept an offer on a listing. Don't be scared by "Housing Bubble" misinformation. Our area is one of the strongest in the nation! Read this article recently promoted by local news station King 5. Remember, bad news sells more advertising than good news. If you are currently renting, learn about the tax advantages and appreciation benefits of home ownership. A CMPS professional can show you what your before and after-tax monthly payments are and can show you based on average appreciation levels, what you can anticpate for future home equity savings. For a complimentary Rent vs. Own Analysis, click here. Select a qualified Realtor who will represent your best interest throughout the process. Your CMPS professional is only one part of the team. Just like lenders, some Realtors provide better service than others. You will spend a significant amount of time with a Realtor. Once you have identified your next home, which can take weeks, a typical transaction takes around 30 days to close. It is important to work with a Realtor who understands and respects your goals. |
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