5 Things You Should Know Before Your Home Purchase

5 Things You Should Know Before Your Home Purchase

Published by: Christopher Tenggren on HomesInTheFoxValley.com Blog, February 8, 2018

Getting past the details to prepare properly to go out shopping new homes, can be daunting.  So here are 5 Things You Should Know Before You Purchase so that when you find your Dream Home, you are 110% Ready to Act!

1. Get Pre-Qualified with a Local Mortgage Lender

A letter you receive instantly online may be meaningless.  A Local Lender should discuss you income, assets and FICO credit score in detail, and then provide you with a truly legitimate “Home Loan Pre-Qualification Letter.

2. Mind Your Credit Use

Once you are serious about a potential home purchase, pay all of your debits on time, and don’t open up any new credit.  Credit inquiries, new accounts and late payments will impact your credit score and could change your Pre-Qualification Status.

3. Get All of Your Assets in Order

Whether your Down-Payment is $1,000 or $100,000, know where it is coming from and get your account statements in order.  Transferring assets or accumulating money after you complete your home loan application will trigger the requirement for more documentation.

4. Avoid Job Changes

If you want to explore new employment, it is always to try to wait until you have completed the home buying process.  If it can’t wait, let your loan officer know, so that you can all discuss it in advance of the change, and so that they can obtain a new verification of employment prior to a home loan closing date.

5. Pre-Qualification is Based on Estimates

Once you have a home in mind, discuss the specifics wit your loan officer.  Things like real estate taxes and HOA dues and fees can vary, and may impact affordability and your ability to qualify.

In the end, make sure you work with your REALTOR and Loan Officer like a team in keeping everyone in to the know.  It’s always better to pro-active rather than re-active.  Your team of professionals are critical in making the process smooth and successful.  And, experience can matter a lot!

Visit Christopher Tenggren’s Blog again soon at: http://HomesInTheFoxValley.com/blog

5 Things You Should Know Before Your Home Purchase



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