to buy a home soon? Our loan officers will be happy to answer your
questions, help you plan your purchase, and explore your financing
options. You’ll be able to make an informed home purchase decision
and negotiate price from a position of strength. Here are a few tips
to get you started.
before you buy.
lets you know how much you can afford, gives you an estimate of how
much money you’ll need for your down payment and closing costs,
and gives you the opportunity to find out about and fix any potential
problems in advance. It also gives you a negotiating tool with sellers
and realtors. Click
here to link to our pre-qualification request form.
have the seller pay a portion of your closing costs to reduce your
out-of-pocket expenses. Also, investigate gifts from relatives and
loans against your retirement plan.
pay off all your debt.
pay off all your debt to make yourself look better on the application
unless our loan officer suggests it - you may need that cash for your
down payment and closing costs.
apply for new credit cards or loans.
apply for new credit cards or loans without first consulting with
your loan officer until AFTER your mortgage has gone to settlement.
You may no longer qualify for your mortgage with the new monthly loan
payments. Even “12 months same as cash” offers and other
deferred payment plans appear on your credit report as new loans with
scheduled monthly payments which could disqualify you for a mortgage
if they appear too high in relation to your income. Also, don’t
increase credit card balances much, and be sure to make all payments
on time. Often, a final credit report will be run right before your
scheduled settlement date!
If you’re selling your current home,
to make the mortgage payment on time until your new mortgage loan