BUYER LISTEN UP

We are getting ready to enter a new year.  No looking back, just straight ahead.  It is time to focus and prepare for the purchase of that new home.  Here are a few tips for making a positive splash into the joy of home ownership.

Put the brakes on the Christmas spending.  Hold on to your cash; don’t run up those credit cards.  Start a Home savings account just for the down payment and closing costs.  A good rule of thumb would be to have 6.5% to 7% of the sales price saved.  FHA allows for seller contributions, but you still need to be prepared.

   Get a fresh credit report, one from each reporting agency. Equifax, Experian and Transunion.  A good place to go Annual Credit Report.  Review the detailed reports for accuracy.  (Late payments come off after 7 years, Bankruptcy after 10)  Be aggressive in your pursuit of correcting errors and the removal of items that should have fallen off. 

Find yourself a good Mortgage Broker.  Someone you trust, get a referral from family or friends, research on line.  Once you find this person gather all your credit reports, W-2s, and any other documents you may need.  Set an appointment and get a review of your credit and ability to buy. This is the time where you will find out the price range you can purchase in, and get a “Pre-Approval Letter.”  If you have some credit to repair, your Broker can give you some direction.  

Now is the fun part…. Start driving neighborhood(s) where you think you may like to buy.  Research these areas on line, talk to the neighbors, drive the areas at different times of the day. 

Locate a REALTOR® or agent.  Visit (Interview) several and decide which one you feel most comfortable with. This is a very important step in the buying process; get someone that you ‘mesh’ with. This person has your best interest in mind and is going to become a very close confidant to you. SO stick with this agent!!!                                                                  Employee this person to work for you~

                         BE FAITHFUL!!!