Preparing to Buy & Finance a Home:
Tips to Get Started
Searching and "googling" for info via the internet and its services is a way of life these days. Kids to seniors conduct searches all the time.
Yet, this opportunity is too often overlooked by those in need of info related to home buying and mortgage financing. It's really a great opportunity lost.
Why?
No matter the medium (print, online, podcasts, radio, tv, cable, social media, etc.) it's pretty easy to find valuable information, tips, suggestions, tutorials, and guidance related to real estate, home buying, and its financing. Topics ranging from yin to yang abound.
Especially for those first-time homebuyers and those just beginning their homebuying journey, it's a fantastic way to introduce and become acquainted with the process. You can easily find inspiration, to educate and familiarize yourself with real estate and financing terminology, to examine and distinguish likes, dislikes, and needs. You can also establish a dream and goal ... and kickstart both.
Yep, you name it. If it's real estate and financing-related, you can find solid basic and generalized information on the net. And the searching, research, and learning can be conducted at your own convenience and pace. (For more personalized detailed answers and info, you must speak with a lender)
One of the home buying/financing topics I see shared most often touches upon the topic of preparation ...
- The need for it
- What steps of preparation should be taken in advance of buying and financing a home
- What preparation proves most beneficial
- What should be addressed and steps completed prior to making actual mortgage application
It's a topic justifiably highlighted and promoted as important. As a loan officer, I've found that the amount of preparation performed by a borrower is typically reflected in the results they find.
It also affects how easily and fluidly they find those results. And it ultimately affects how they feel about their overall home buying and financing experience.
Suggestions found regarding home buying and financing preparation often include:
- When you should begin preparing (I recommend 6 months to a year prior to buying)
- The importance of checking your credit (inaccuracies, errors, etc.)
- How to run your credit report (Go to: www.annualcreditreport.com)
- Paying down debt
- Saving money for a downpayment, closing costs, etc.
- Examining your budget/spending habits
- Getting the paperwork needed for mortgage application gathered and in order
- Educating yourself regarding the fundamentals of mortgages and interest rates
- How to gather referrals, find, then talk to a Mortgage Lender
- Getting PreApproved
- More ...
- Your Credit Scores and Credit Report have been polished
- Communication has been well established with your loan officer
- Your loan officer has much of the information they need for mortgage application and processing already at their disposal
- Required documentation and paperwork is organized and ready for submission
- Funds and sources of monies are also organized
- You're educated as to what price range of home you can view/buy
- You're educated as to what Monthly Mortgage Payment you can qualify for
- Finances/Accounts are in place for downpayment and closing costs
- Your lender has taken steps to "position and stage" your info/finances to improve likelihood of loan approval
- A PreApproval can be produced more easily and quickly (of particular benefit in a highly competitive housing market)
Looking for mortgage financing answers, options, solutions, and experienced assistance?
Contact me! I'll put my 40+ years of Mortgage experience and expertise hard to work on your behalf.
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