We know that first time homebuyers can be overwhelmed and many times just don’t know where to start. We recommend starting off with a loan officer.
We want you to understand your numbers and here’s what we mean when we say numbers. We want you to make sure you really understand what your credit score is and what makes it that way. Now we don’t want you to go out and get a free credit report online or anything like that, but you need to know that the key to your credit score is to understand what it means. Say your credit is higher than you thought. That’s great because we want you to know why your credit score is high and how to keep it that way. Nothing is worse than being on the cusp of closing your dream house and find out that the new furniture credit card just made a big change in your credit. We’ve seen people lose their financing because of a credit mishap in the middle of buying a house. Don’t buy any cars, close credit cards or purchase anything until you own the house.
If your credit score is low, then we also need to know why. For instance, if you put money in certain areas it could have a positive impact on your credit in the next few months. Your lender should be able to counsel you about what to do or not do. The better your credit score is the more mortgage options you will have available to you which leads us to the next point.
Your loan officer will also be able to break down the options available to you. What type of down payment and other amounts you will need to bring to escrow and what mortgages you are eligible for at a certain price point. Your lender will help us get a real feel for what your price range is so when we’re out looking for houses we’re going to be able to know your numbers so we can assist in managing your expectations and setting yourself up for success and less stress in your home purchase.
You’re going to be provided with a lot of information and you will know that perhaps you have a few things you need to do first, or you might say “wow, I can get that house today” or you might say I have to wait a couple of years. It’s great for you to have a game plan to prepare financially and/or emotionally because buying a house is a big deal. We want to make sure you’re well informed and comfortable and confident throughout the process so you know where to start and that’s part of our job so there are no surprises.
If you’re looking where to start, connect with us so we can help you down the right path so you’re confident and comfortable with your numbers. Once we get that pre-approval, we can start looking at homes and find you the one you love in the price range you’re comfortable with.
If you have any questions, comments or anything else you want to speak to, please feel free to message me at 951-252-7766 or firstname.lastname@example.org
Thanks for reading.
Kristi Roberts, Broker
Kristi Roberts Group