Things to remember and know when purchasing a home.
First you should establish good credit and save as much as you can for down payment and closing costs. While you can often still purchase a home with out these things, they are very helpful and will save you a lot of money.
The second thing is to get pre approved. Speak to one of our loan officers and they can get this for you. It gives you a lot more pull with a Seller and a Real Estate Agent appreciates it to. This will give you an edge over other homebuyers who are not pre approved.
Next you should find out what you really want in a home. What can I afford? Is your family growing or going to stay the same size? What kind of commute do you want? What are the schools like? How long do you want to live there? Look at every angle before you get out there and start looking. Above these questions think about what things are important to you in a home. Large yard, kitchen layout, etc. You will want to share these things with your Real Estate Agent.
You will then need to choose your loan. Do you want a fixed rate, adjustable rate, interest only, pay option, etc.? Speak to one of our loan officers here at MortgageYes.com to help you figure out what will work best for you.
Along with the above things you should do, there are things that you should not do. Some of these things are changing jobs, adding to your debt, moving money around between accounts. Lenders require job time and consistent income. If you add debt, like purchasing a car, boat, or other large purchases, it could make you no longer qualify. The lenders will also look at your assets and want to know they are consistent.
Timing is everything. You will want to change jobs after your loan has gone through, if that is in the picture. Also if you own a home, you will probably need to sell your home before you will qualify for a new home. If you are renting you will want to set it up to move at the end of your lease or find out about a fee for breaking it.
Please call or check out our website online at www.mortgageyes.com to get additional information. Here are a few links that might help.
http://www.mortgageyes.com/statistics.htm
http://www.mortgageyes.com/learn_about_home_buying.htm
