Goooodbye 2017, hellooooo 2018!
As we kiss this year farewell and welcome 2018 with opens arms, we dare to ask, what’s your new year’s resolution? Is it to lose weight and eat healthy? Or is it your to travel? Maybe it’s to try new things and new experiences. Or just maybe, 2018 is your year to buy your dream home. The main keys (pun intended) to ownership is to start planning and understanding the process. Sounds simple right? Well it gets easier with a little help by yours truly, the agents of ULR.
#1- Improving your credit score:
Getting your credit score to where you want it to be can be a long process, however it’s worth it! The best way to improve your
First and foremost, you should request a copy of your credit report and dispute any errors that might show up.
Second, you need to set up payment reminders! You can make X amount each year , however a mortgage lender will deny you because you’re late on payments.
Third, stop spending money you don’t have! No don’t cut up all your credit cards, (unless you absolutely need to, you shop-a-holic) only use you card for an emergency, i.e gas, groceries and maybe treat your self every so often. But don’t put yourself in more debt just because you have that extra money to spend.
#2-Get your finances in order
According to the National Association of Realtors, 9 out of 10 people have to pull out a loan. Unless you are one the few who pay with cash, the best way to figure out what you can and can not afford is to meet with mortgage banker/lender. This way, you can both go through and help you answer questions such as “how much of down payment should I put down?” or “what do I want my monthly payment to be?” and other questions that you might have not put into consideration yet.
Once you have determined these considerations, the next resolution is to get “pre-approved.” This means that you have met with a loan officer and your credit has been reviewed and you are now qualified for a loan amount with different mortgage programs. However, this is just a yellow light. A pre-approved letter means that you have the opportunity to go to different listing brokers when bidding for home. It shows that you have your finances in order and you can prove that you have the capability to purchase. Keep in mind that you can go to as many as different loan officers and and compare, however each one carries a new credit check which will show up on your report.
#3-Find a Realtor
Now that we got the ball rolling, the next resolution on your list should be to find a realtor. It sounds easy enough to look online and/or drive around and do this on your own, but it’s a lot more complicated than that. Each home comes with a contract with different financing options, inspection requirements and closing costs. We know, this web of forms, pricing and negotiating can get very tricky and confusing! So it’s always best to get in contact with a professional who knows the ins and outs real estate like the back of their hand. Lucky for you, we have agents that know what they’re doing and can find you the house of your dreams without the hassle!
#4-Find a house
You have gone to a mortgage lender, been pre-approved and found a realtor, now here comes the fun part! Finding a house that you can make a home sounds simple, right? Well before you set your eyes on one, think about it. Does it check off every want you have made on your list? If not, can you go without a certain feature like a fireplace or a pool? Although your realtor will go through the important necessities, this is your choice, so find something you can see yourself and your future in.
#5-Determining your mortgage options
You found the one, congrats! Now time to get down and dirty. This is the time to figure out the best rates and terms for you, which falls back onto your credit. If you had made a point to get your finances in order, you shouldn’t have problem obtaining a loan. To receive this loan, you must have certain documents, such as pay stubs, rental history and tax returns. These are extremely important, so make sure you have these ready to go so you’re not scurrying around trying to get these documents.
Once you got all these resolutions in order, you’re ready to go! You can make an offer, schedule a walkthrough, close and move in!
If you have any questions at all about the house buying process, please feel free to contact us at any time and we’ll get you in contact with an agent!