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Many considerations
come into play as you decide to buy a home. These considerations
vary in importance from person to person, but there are several
fundamental factors everyone owes it to themselves to consider.
Most people want to live in a very nice house in a very nice
area for a low price, but you are doing yourself a disservice if
you don't consider the specifics.
You need
to consider the following:
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What kind of area do you
want to live in: city, suburban or rural? |
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What is the size of home
you need? The size you want? |
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Are you willing to
commute to work and, if so, how far? |
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How long will you live
there? (Remember to factor in growing in your career,
marriage, kids, etc...) |
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Do you like the
neighborhood? |
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What about the quality of
the schools? |
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What are the local
amenities: shopping, restaurants, churches, medical
facilities, transportation, etc? |
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What are the anticipated
expenses, such as property taxes, city easements, new
appliances, etc.? |
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Does your lifestyle fit -
or can it adapt - to owning a home? |
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Think about these questions very
carefully. You
are ready to start house hunting when you can realistically answer each
of these questions. Buying a home can be very emotional (full of
excitement, hope, worry, doubt…) You owe it to yourself to consider
your needs carefully and learn enough information to make a good,
educated decision. We pride ourselves in providing a comprehensive and
easy to understand picture of your home financing options.
Contact Us
at any time to begin answering these questions for yourself.
What's the difference between Pre-qual and Pre-approval?
Many new properties that come on the market receive multiple offers within the first week of availability. We are even experiencing offers that are higher than the listed price!
In a normal market, prospective buyers get "pre-qualified" by a home loan professional and receive from them a "Pre-qualification Letter." This letter is intended to show the Seller that a home loan professional has reviewed your income, credit, employment and debt ratios. Based on that information, you would be qualified to purchase a home at a specific dollar amount. In actuality, people are often times "pre-qualified," but when it comes to actually getting approved, it is not uncommon for those same people to be declined. Why? Because filling out a loan application, having your income and assets verified, and then having it reviewed by an underwriter is much more substantial than a simple "pre-qualification."
Sellers in this market are fully aware of the difference between a "pre-qualification" and a "pre-approval." So when they receive multiple offers of like value, they will accept an offer from a "pre-approved" buyer before an offer from a "pre-qualified" buyer 100% of the time!
Getting “pre-approved” can be done in personor over the telephone.. The process can be done by close of business today!
Can I buy a home with imperfect credit?
A recent study by the Mortgage Bankers Association of America revealed some
startling facts: of 100 people who applied for a standard 30 year fixed rate
mortgage through traditional ending avenues (banks, savings & loans, credit
unions, etc.), less than 40% qualified for that loan. That leaves 60% who were
forced to seek alternative real estate financing solutions.
Credit issues that can prevent you from obtaining a traditional lending
profile include:
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Late Payments (On home loans, car loans, credit cards, etc.)
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Collections
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Charge-Offs
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Judgments (also called Abstracts of Judgment)
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Bankruptcy/Consumer Credit Counseling
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Foreclosure
These items, unless paid off and/or eliminated, will not go away, and will
continue to prevent you from realizing your best financial future.
We help people with less-than-perfect credit attain the American dream of
home ownership. Even if you have little to no cash for a down payment, there may
be a program perfect for you! To learn more about how you can own a home of your
own, please contact us!
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