For generations, many of us have considered owning a home to be an important and important component / part of the so-called American Dream. However, after more than 15 years as a licensed real estate salesperson in New York State, I have observed, for most, that the process and period involved in trying to achieve this goal is, all too often, a trouble. eager, defiant! So wouldn’t it make sense, if possible, for potential home buyers to follow these 6 steps? With that in mind, this article will briefly attempt to consider, examine, and review what this means and represents, and why, if used wisely, it could make this period much less stressful.
1. Prequalification / Pre-approval: Before beginning this search, it is smart and time saving, as well as reducing stress, for a potential buyer to consult with a mortgage professional and make sure you qualify for a loan. However, it is even more prudent to obtain pre-approval, which means that the only remaining step is to ensure that the subject – home, value, for the necessary amount. What can be more stressful than shopping and finding the great dream home and then not being able to get it because you can’t?
2. Repair / Repair Credit, First: Before proceeding, your professional advisor should inform you of any problems, with your credit history, etc. Before proceeding, go ahead, it is prudent and effective / efficient to fix any potential obstacles / problems and repair your credit, in general.
3. Payment, other debt: Lenders typically use a number of financial formulas, many of which largely take into account your overall debt, as well as what you could pay, for your housing component, of it! Most recommend, to a potential buyer, the proceeds to pay off other debts, before attempting to obtain, any home-oriented loan!
Four. Accumulated payment: In most Conventional Mortgages, an individual receives the best rates and other terms, when / if he pays, a significant percentage of the cost of purchasing the home. In most cases, for a single family home, 20% is the magic percentage, required and recommended!
5. Gather reservations: Knowledgeable buyers. Learn and understand which reservations can make home ownership less stressful and smoother! Therefore, does it not make sense to pool the necessary financial reserves so that there are no undesirable responses?
6. Cooperate with the mortgage banker: When you work together with your mortgage broker and proceed, as a team, the process goes smoothly, etc. Have a thorough discussion, up front, so you are aware of all the requirements, and what the lender, many need, from you, in terms of paperwork, etc., and, if / when requested, supply them! quickly!
Reach the house of your dreams being as prepared as possible and ready to tackle and overcome all obstacles. You will do, what is the best for you?