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7 secrets to successful homebuying
April 17th, 2024 12:36 PM by Sam Kader MLO130505
Buying a home is the biggest investment for most people. I recommend that you have a "Pre-Flight checklist" with 7 stops to complete. Please download this interactive map below for an overview from start to finish. Click on the green button “
GO
” at each milestone sign on the map for more information.
1.
Improve your credit score
.
The higher the credit score, the lower your monthly payments. Strike for at least
780 and above, then 720 and then 680. If you have sometime before buying a house, here are some
tips on how to increase your credit scores
.
2.
Determine what you can afford
.
We use standard underwriting guidelines called
Debt-To-Income ratio
to determine the maximum loan amount. Please use
this online calculator
to estimate yours. Please contact me to firm-up your quote.
3.
Save for down payment and closing costs
.
In general down payment between 3% to 20% of the home's price is required.
We can offer you
FHA
,
Conventional
,
VA
or
USDA
programs.
4.
Built a healthy savings account.
Building your savings is something you should do over and above saving money for the down payment and closing. Though not required, we would like to see three to five months worth of mortgage payments set aside. A good rule of thumb is also to set aside 2% to 3% of your home's value for upkeep and maintenance. Please call me to inquire about
home warranty
.
5.
Stay put at your employment for at least 2 years
. You can move upwards. Overtime and second job must be proven by 2 years employment history as well.
6.
Get Pre-Approved for a mortgage
. Once you are ready to preview properties - please contact me for
Pre-Approval letter
.
7.
Buy a house that you like
. In today's seller market - you might have to have some
concessions
.
Here are
some additional tips from our previous clients
that we have assisted in obtaining home financing.
Posted in:
Home buying Do's and Don't, first time home buyers
and tagged:
first time home buyers
Home buying Do's and Don't
Posted by Sam Kader MLO130505 on April 17th, 2024 12:36 PM
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