The housing market is on fire. Home prices are sky high and competition for a home at the right price with good location is fierce. If you’re looking to buy, you might be feeling like this is an impossible feat. But it’s not! There are many ways you can finance your home without breaking the bank and we’ll go over them in today’s blog post so that you can find the perfect place to call your own.
1. Get Pre-Approved For A Loan
Thinking about buying? A pre-approval should be your very first step! Why? Because sometimes an agent will require that you have a pre-approval letter from a lender before they’ll even show properties – but it is in your best interest because it helps a lender understand what you can afford based on your debt-to-income ratio and prevents you from falling in love with a home that is way outside of your budget. Additionally, having mortgage provider “on record” may help legitimize offers during bidding wars if there are multiple bidders.
We always want what is in your best interest and that is where the pre-approval comes in. This is a huge decision and purchase! It is life changing so don’t let people “guess” for you! It is worth the time to apply and supply the documentation needed. This takes away all the “what if” scenarios so you can put an offer in with confidence. We will discuss your goals and put together a solid plan that best suites YOU!
2. Know Your Credit History
Knowing your credit history is important for several reasons. First, you need to know what your score is in order to have a general idea of how much money you are qualified to borrow. Second, knowing your credit history will help you and your lender figure out which type of loan or financing program might be best suited for your needs and budget.
I strongly encourage you to let a professional lender pull your credit so they have accurate information to formulate a game plan. Even if your score is not where it needs to be, we have the tools needed to guide you to get where you need to be.
3. Don’t wait until you have 20%
The housing market is hot right now, but you don’t need 20% down to buy a house. In fact, we even have 0% down loan options. So if you’re waiting to buy a home because you’re still saving, you may be able to keep a little bit of that money in your pocket and put it towards something else!
4. Look into different types of loans
You should work with a lender who listens to your needs. There’s different types of loans and options vary depending on the situation you’re in, so it’s important to find one that will be able meet all those criteria for what is right for YOU!
If you don’t have perfect credit, it’s not the end of your dreams! There are several options available for a score of even under 600 that can get you started in homeownership. There are also options in assistance for down payment as well as closing costs!
For people who have strong credit and employment history, that opens the door to many different lending options, but we won’t know until we look into your individual needs and situation!
If you’re ready to take the first step towards homeownership send me an e-mail at email@example.com with any questions. If I can’t help you out directly, I’ll point you in the right direction so that financing your dream home is a breeze! When do you want to get started?