First Time Buyer: Our goal is to sell you a lifestyle, not just a property. Therefore, our job is to educate our clients to make good decisions.
A home is an investment. You can deduct property taxes, and the homeowner & mortgage interest can be deducted from federal and usually state taxes. The monthly check is gone forever if you rent!
Increase your credit score before you buy a property.- Pay your bills on time. Bills have a major impact on your score. The longer you pay your bills on time, the better your score. Someone with an average credit rating can raise their score by paying all their bills on time for one month.
- Keep balances low on credit cards. High outstanding debt can affect your score. Don't spend more than you can afford. A maxed out credit card can move your score by as much as 70 points.
- Don't open a number of new credit cards that you don't need. New accounts will lower your average account age, which could actually lower your score by up to 10 points.
- Manage Credit Cards responsibly. Someone with no credit cards, for example, tends to be a higher risk than someone who has managed credit cards responsibly.
- Closing an account doesn't make it go away. A closed account will still show up on your credit report and may be factored into the score.
Shop for a loan. Be patient and take time to shop the interest rates. The interest rate determines what type of home you can afford. Therefore, seek a lender offering the best rate for a specific score.
Contact an Outstanding Agent with Outstanding Results...Lori G McDowell.
Purchase an affordable property. Know the cost of Utilities, Property Taxes, Association Dues, City and County taxes. Make sure the location complements your lifestyle.
Apply for the Best Loan that suits your lifestyle. You will need the following:- Social Security Number for Applicant(s).
- Copies of your Checking and Savings Account Statements for the past 6 months.
- Evidence of any other Assets like Bonds or Stocks.
- Recent Paycheck Stub detailing your Earnings.
- List of all Credit Card Accounts and the approximate monthly amounts owed.
- List of Account Numbers and Balances due on outstanding loans (student, car, etc.).
- Copies of your last 2 years' Income Tax Statements.
- Name and Address of someone who can verify your Employment.
Don't make any large purchases or apply for additional credit during your Application Process.
Ask your lender if you qualify for Home Ownership Grants for Single Parents, Federal Mortgage Programs, or Local Home Buying Programs.
