Wednesday, September 10, 2014

Tips for Home buyers

Buying a home can be exhilarating and terrifying all at the same time, especially for first time home buyers. So to help relieve the anxiety and ease you into the home buying process, we have provided a few important tips to help you on your way to owning your dream home.

Know Your Credit - Your credit score can be the most important element that comes into play when you decide to become a homebuyer. The number in your credit score will influence a lender on whether or not you will qualify for a loan. So pay attention to that number and any debts being owed on your credit report. Make an effort to pay off any outstanding balances, also once the balances are paid in full, make sure the company you owned a debt too, updates it to the credit report companies.

Down Payment - A down payment on a new home can be a huge chunk of money, especially to a first time home buyer. So you should prepare for the down payment ahead of time, tucking away any extra money you can every pay. Also as a first time home buyer check into any programs your state provides to help out first time home buyers with down payment assistance. Finally contact a mortgage lender to see what advice they can give you or where they can turn you too for help.

Keep Documents Organized - Keep any and all documents which authenticate your income and taxes. Mortgage lenders typically request the previous 2 years W2’s, and tax returns, your two most recent paystubs, and the last two months bank statements. So by keeping organized and everything handy this will help save you time when a lender request them.

Buying a home can be scary and time consuming but the end reward out surpasses any fear you may have. Just remember these tips before getting started to ensure you have a smooth sailing experience.
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