Rebecca Richardson - Mortgage Consultant
Protect yourself, your money and your investment with these tips
Let’s face it, when buying a home, you are putting yourself out on a limb and trusting a lot of people to help you secure what likely is the largest purchase you’ll ever make. From your money to your info and even that home, finding the right way to protect it all is important for a stress-free home purchase.
Protect your info
If you’re anything like me, you don’t let just anybody look at your credit. We work hard to protect it, right?
But when buying a home, it’s a must to get a mortgage. So, here are two key things to help protect your info when buying a home.
1. It’s to your benefit to compare lenders to ensure you’re getting a good deal. But it could require multiple credit checks to do that. The good news is once that first lender pulls your credit, you have 45 days when other lender inquiries won’t impact your score.
2. But before you do any of that, if you don’t want your info to be sold to other lenders who then know you’re shopping and call nonstop, be sure to visit optoutprescreen.com. This site is a joint effort between the credit bureaus to let people opt out of having their credit activity sold to companies.
Protect your money
A common fear when buying a home is spending too much, or worse, losing money because you were locked into certain deals.
Getting an underwritten preapproval is a great way to protect the money you need upfront to get a home under contract, like the earnest money, inspection and appraisal. This way you can confidently make an offer knowing your loan likely will be approved.
Secondly, get at least two estimates so you can shop your loan and make sure your rate and fees are reasonable. This is one of the best ways to make sure you’re not spending too much on your mortgage.
Protect your investment
No doubt about it, owning a home can get expensive fast. If this is something that’s holding you back from buying a home, here are three things that can help.
1. Get a home inspection. Knowing the condition of a home before you sign goes a long way toward avoiding potential future expenses.
2. Get a home warranty. Paying several hundred dollars a year can help offset the thousands that can come with a major issue.
3. Get quality home insurance. Opting for the cheapest policy can be tempting, but if there’s major damage to your home, insurance from a reliable company with appropriate coverage is priceless.
Buying a home can feel intimidating. It’s a big decision but working with a mortgage provider you can trust will go a long way in to making it a great decision.