For Buyers
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Real Estate Planning
Buying a home, for most, is the biggest single purchase one makes in a lifetime. So unlike clothes shopping, or even buying a car, it makes sense to plan ahead. In some cases a few months before you even begin to look for a home.
Whether you are a first-time-home-buyer or buying your final home for retirement there are many simple initial steps that will save you thousands over the life of your home loan. Below are a few items I cover while helping put together a real estate plan.
Improving Yourself "On Paper":
This is the most important part of the real estate plan. The mortgage industry has changed a lot since January 1, 2007. Stated loans, and 100% financing options have been drastically cut. Even if you qualified easily in the past it is still important to take the time and fine-tune yourself on paper.
Improving your loan application is not always a quick fix. Some issues can postpone home ownership by months. Not saving cancelled rent checks, or using money orders or cash can make it impossible to prove rental history. Self-employed borrowers should maintain solid and consistent bank deposits where tax returns show large write-offs. Cancelling long-standing credit cards can also cause problems by weakening credit breadth. With a solid real estate plan, I can make sure that when the right home comes your way, you are ready.
Credit Repair/Corrections:
This is NOT just for buyers with credit blemishes! in my experience, a third of the clients I sit down with have inaccurate information on their credit. And, nearly everyone I meet with can make a few adjustments that can add a quick 30 points or more to their score. (e.g. paying off $300 from a small credit card with a $350 limit.)Prequalification:
This is not just about making sure you can qualify for a home, but more about getting the right loan for your situation and one you can afford. Job situation, future financial outlook, and familial plans all play an important role in choosing a loan. Most importantly this will help you pinpoint a price range, or make sure your dream home can fall into your budget.Home Finder email updates:
Ever spend an entire weekend searching websites for a home? We all have. But how do you make sure you don’t miss that one house everyone wants that’s listed and sold in a week? That’s my job. We can put together a list of home specifications and make sure you see every home in your price range and area within hours of it being listed. This is an invaluable tool that can familiarize you with the market and help solidify your final decision when your dream home comes your way. Sign up for home finder.
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