Wednesday, October 6, 2010

Home Buying Doesn't Have to Be Spooky!

Here are some tips to improve your home-buying experience.  Take the stress out of the process by beginning with the loan instead of the home.  Putting the horse before the cart will keep those ghosts from haunting in your sleep!

1)  Visit with a lender before you begin your home search- Nothing worse than falling in love with the "perfect home" in the "perfect neighborhood" only to find out you don't qualify for the monthly payment.
2)  Get at least a prequalification letter from your lender. Most real estate agents won't even take an offer without a prequal letter attached. But a preAPPROVAL letter is best!
4)  Apply early (before your lease is almost up, deadline for job transfer, etc) to give your lender time to determine if better credit scores will lower your monthly house payment. The biggest impact on your interest rate (which directly affects your payment) comes from your FICO scores. Sometimes even a few points improvement might improve your rate an 1/8% to 1/4%!
5)  Let's go house hunting! Buying a home can be one of the most stressful events in most people's lives. Why? They are worried about getting loan approval. Once your loan is approved, the tricks are done and you can enjoy the treat of focusing on how you are going to arrange your furniture in your new home and where your Christmas tree goes for the holidays!!

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