Rebecca Richardson - Mortgage Consultant
The first rule in buying a home – be prepared
Buying a 🏠 could be the biggest financial decision you ever make. That’s why it is important to be as prepared as possible prior to making that offer. I’ll show you the important steps to consider leading up to the big day.
The countdown is on
Let’s say you are looking to buy a home early next year. There are three steps you can do now to get yourself and your finances ready.
👉🏻Start monitoring your credit. There are several free credit monitoring web sites you can check out to get started. You want to aim for a score in the mid-600s or higher.
👉🏻Set that budget. If you haven’t already, start tracking your monthly expenses compared to your income so you have an idea of how much mortgage you can afford.
👉🏻Talk to a mortgage lender. We can help you determine an idea of the type of house you can afford, the size of down payment you may need and estimate your monthly mortgage payment.
Keep it consistent
It’s important when you are about six months from getting the loan that you to try not to change your income or expenses too much.
👉🏻Don’t reduce your hours at work or change from a salaried position to one with a variable income like commission only.
👉🏻Don’t open any new credit cards or apply for new loans because this could drop your credit score or reduce the amount of mortgage you qualify for.
👉🏻Do take cash you may have saved for the down payment and go ahead and deposit into your savings or checking account so it will be there at least 60 days before you apply for your mortgage.
It’s pre-approval time
I’ve helped hundreds of homeowners apply for and secure a mortgage for their dream home. There are a few things I have learned you should consider if you are thinking of buying a home.
👉🏻Are you a planner? The sooner you get pre-approved the earlier you will know if you are on the right track. If not, then this gets you the information you need to get better prepared.
👉🏻Concerned about your credit? With a full pre-approval, the lender will check your credit score. But this one credit check doesn’t impact your score as much as you may think. The good news is you will have a better idea of what interest rate you qualify for and a new credit report isn’t needed for another 90-120 days.
So, are you ready to buy now? Are you thinking you will be in the next year or so? Now is the time to reach out to a mortgage lender to learn about your financing options. Email me and my team to get started today. (firstname.lastname@example.org)