Here are some smart money moves for Home Buyers to get on track.
Home Buyers, speaking with a experienced, licensed Loan Officer is the first step.
5 Tips for First Time Home Buyers (download here)
You will need to be pre-approved to make an offer on a Home.
As your Loan Officer, I can run your credit and assess how much you qualify for. I can also lock in your rate and advise you how much you will need in closing costs.
Checking your Credit
One of the first things Home Buyers should do is to pull a copy of your credit report and scores to see where you stand.
Look for any errors or past due accounts that may have gone into collections.
These liabilities can create difficulty getting qualified when you apply for a Home Loan.
If there is something amiss, you can contact the creditor to see if you can work it out.
Set up a budget
Using our Mortgage Calculator, you can find out how an estimate of how much your payment would be including Principle, Interest, Taxes and Insurance (PITI)
In addition to household expenses, consider other financial obligations that may not show up on your credit report.
Your cell phone, utility, daycare/tuition, grocery and car insurance bills are other fixed monthly expenses that factor into your montly expenses.
Get your Down Payment and closing costs in Place
When you are getting pre-qualified for a Home Purchase, Lenders will need to see your bank statements from the last two months.
Home Buyers, If you plan to make any large deposits into your checking or savings accounts from other assets, do it before that 60-day window. Otherwise, you’ll have to show where the money came from in detail.
It’s also best to avoid opening new credit accounts or loans, or racking up debt, from this point on.
Pre-approvals usually expire after 90 days. Keep in mind that you can shop around for some third-party services such as title and homeowner’s insurance.
How can we help?
Using Barbara Kenton at Allianz Mortgage Services, Inc., I know all about Home Purchases and how to qualify you. If you are located in the Los Angeles, Orange County, San Bernardino, Riverside County area, or anywhere in California, contact us today to get started.