A few tips

Home Financing Tips

Home financing doesn’t have to be a mystery. We’re here to help!

Home Financing 101

Here are some valuable home buying tips to consider when going through the financing process that may save you some time and heartache. There are a variety of loans catering to the needs of home buyers, and we want to make sure you find the right one for you.

Get Pre-Approved

  • Speak with at least 2-3 lenders and get pre-approved for a loan.
  • Work backwards by letting your lender know what you want your monthly payment to be and find out what “price range” that puts you in. Qualifying for the most you can doesn’t always work with your goals.
  • Find out what you can afford to buy, and how much of a down payment you will need.
  • Discuss finance options with your lender. Ask to see a few options on how to get the biggest bang for your buck with your down payment. For example, paying for some debt may be better than putting all of the money down on the loan.
  • Understand how the loan officer is paid and what loan fees you will be responsible for.

Work on Your Budget

  • Put together a budget based on your projected monthly payment.
  • Don’t forget property taxes, insurance, and ongoing maintenance costs for the home. Think P.I.T.I. Principal, Interest, Taxes, and Insurance.

Get a Pre-Approval Letter

  • Ask your lender to prepare a pre-approval letter that your agent can submit with your offer. Having a pre-approval makes your offer 100 times stronger.
  • An offer without a pre-approval letter is unlikely to be taken seriously by a seller. With the market as crazy as it is today, we want to take advantage of every opportunity to make yours stand out.

Prepare Your Cash to Close

  • Understand how much cash you will need to close.
  • Ask your lender for a statement that breaks down all of the estimated transaction costs.
  • Document all money transfers and don’t open any new credit lines until the home is closed. This includes large purchases, credit cards, or car loans.

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