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Home Buying 101
Congratulations! You have decided to make the leap and purchase a new home. Whether you are a first time home buyer or a veteran, we all have to start somewhere. The chances are that you haven’t purchased anything in the last 6 months, and guidelines and processes change all of the time. Here is a simple how-to to help you get ready for your next purchase.
Know Your Credit
You wouldn’t walk into a dark room without some sort of apprehension, and you shouldn’t walk into a financial obligation blindly either. An unexpected collection or forgotten payment can ruin your chances of getting financing. You should know what is on your credit before a loan officer does. The internet is great at providing you with options to monitor your credit. The scores will probably not be correct, but your debts should be. That is the important part!
Write down your monthly obligations along with the payments that you make each month. This will give you an idea of what you already have going out each month. Make sure that you are only considering the items that are reporting to your credit. Your lender isn’t looking for your cell phone bill, utilities, or insurance. This will help your lender understand how much home you qualify for.
How Much Money Do You Need?
This is going to depend on your loan amount, your loan product, your credit, etc. Some loan programs offer 0% down, 3.5% down, or 5% down, but you will also need funds for appraisals, inspections, and closing costs. Depending on the home you choose, these numbers can fluctuate greatly.
Your loan officer and agent will help to advise you on the best game plan to show your assets. The best rule of thumb is to have 60 days worth of all of your asset statements ready to show your loan officer.
Build Your Team
A purchase transaction is unique in the fact that you get to choose the team of experts that you want to work with. Having the right team can make the difference a painful transaction and a great one!
Nobody should ever choose their lender from a Super Bowl commercial. You should choose a loan officer that is going to take the time to answer your questions and make sure that you understand the process and the terms of your loan. You pay the loan back at the end of the day. You should feel comfortable every step of the way. You should never feel like you are being talked into something. Your Remax home team agent, Tommy Daly, is here to make this process as easy and stress free as possible.
Some people try to cut costs by eliminating the whole real estate agent process. This is a HUGE mistake! You would never show up to court without an attorney to fight for you, why would you buy a house without a real estate agent to have your back? Most people don’t know that the seller pays for the buyer’s agent anyway. So, get yourself one of the best! The Tommy Daly Home Team is here to build a relationship and work with you to find the best home for you and your family.
Tommy Daly and his team are a great resource for Colorado Springs homes for sale. His expert staff specializes in working with first time home buyers, investors, and veterans looking to use their VA benefit.
If you are a veteran or active military, his Military First Program caters to military families that are already neighbors or looking to transition into the area. His kind heart and go-getter mentality are exactly what you want working for you.