ready to buy your new home?
Buying a home can be complicated, but it helps to be prepared for the process in advance. Before starting to seriously look for a home, consider the following one-year timeline that will help you arrange your finances. The more time you give yourself for this process, the better.
1. GET YOUR CREDIT REPORTS & OBTAIN YOUR FICO CREDIT SCORES
If there are errors on your reports, you will pay a higher interest rate on your mortgage. You might have issues in securing a mortgage loan. Some Companys offer free credit scores. Three major credit bureaus include, Equifax, Experian and TransUnion. Scan for suspicious activity collection accounts for debts. You won't owe any negative marks(other than bankruptcy), that are older than seven years. Your credit scores are three digits numbers used to determine your credit worthiness. This helps to establish the rate & terms for your home mortgage loan.
2. SAVE MONEY & SWITCH TO AUTOMATIC BILL PAY
Cut back on extravagance expenses or unnecessary expenses and put as much money aside as possible. Think about your dream of ownership of a home. Ideally try to have at least 3.5% to 5% down payment or 10% even more financing options. A single 30-day late payment can blow 100 points off of your score. So be sure every bill gets paid when it's due. If you don't have a reliable bill paying system, consider using automatic debts so payments come directly from checking account or any other online bill-payment system.
Real Estate Team
1. Get Pre-Qualified by a Lender:
2. Property Search:
3. Making an offer for the Target Ideal Home:
4. Present the Offer:
5. Counter Offer:
7. Loan Application:
8. Contingency Period:
9. Homeowners Insurance Coverage:
10. Signing Documents , Down Payment and Closing Funds:
12. Close Of Escrow:
13. MOVE IN: