Most people would not consider buying a home without an agent. In any given year, only about 10% to 20% of the home buying sales are transactions completed without the services of a real estate.
HOME LOANS Basic Steps To A Smooth Approval
OK. So you have decided to purchase a home! Awesome!
Your VERY first step, after securing a TOP REAL ESTATE AGENT, is to meet with a lender, or two! Your agent may suggest a couple for you to consider, depending on the type of loan you are needing. Conventional an FHA loans are pretty common - but if you have a special loan, like through the VA, or a construction loan, etc. your agent should be able to provide you with the names to call first!
Step 1: Get a Pre-Approval from your trustworthy, reputable lender. Remember, it is NOT about getting the lowest rate, although that is nice! It is also about the reputation of your lender, and the service you will receive throughout the process. Your Real Estate Agent will be helping you move through the buying process - the Lender is there to be sure you are ready to purchase, and meet the contract deadlines!
Step 2: DO NOT apply for ANY new credit during this purchase process! The pre-approval by your lender is based on your information the day you meet with them! If anything new comes up on your credit report before the purchase is completed it WILL put your mortgage in trouble! DO NOT go out and purchase a boat, car, etc! And be nice to your employer - don't want any surprises there either!
Step 3: Credit Cards - DO NOT use them for anything substantial! Dinner is fine, but big vacations, new furniture or appliances, etc. Increased credit card debt also can negatively affect your credit score!
Step 4: SAVE MONEY for your new home purchase and reserves. This will only help your bottom line and help you purchase all the new things you may need for your new home. Furniture, appliances, window coverings, etc.
Step 5: REALTOR - Protect yourself by utilizing a seasoned, professional real estate agent! You need a knowledgeable agent guiding you through the process. This will help you avoid issues and navigate through the complexities of buying a home! AND, be loyal and honest with your agent! If you aren't getting the service you need, tell them! Have this conversation when you first meet! I always have that initial meeting to let my clients know how I work, what my availability is, what I need from them, and I ASK them what their needs are - aside from the home they want! What do they need from me!
A home is a HUGH investment and may be the cornerstone of a financial plan! Get proper guidance an education throughout the process! It is critical, along with great communication!
Janet M Helms, Broker
30 Years experience in residential real estate in Florida!
Sellers. Buyers. Landlords. Tenants. Property Management. ADVICE!
Call me at 321-749-3112 or email me at Janet.FortuneRealty@gmail.com
and/or search for homes and lenders at: Janet.FloridaHomes.Properties