tips: "5 Things You Must Absolutely, Positively Know Before You Buy A Home"
- 11/05/09 07:33 PM
•1. Don't Get "Pre-Qualified"! Do you want to get the best house you can for the least amount of money? Then make sure you are in the strongest negotiating position possible. Price is only one bargaining chip in the negotiations, and not necessarily the most important one. Often other terms, such as the strength of the buyer or the length of escrow, are critical to a seller. In years past, we've always recommended buyers get "pre-qualified" by a lender. This means that you spend a few minutes on the phone with a lender who asks you a few questions. Based on … (4 comments)
tips: 8 Steps to Getting Your Finances in Order
- 11/05/09 06:22 PM
Develop a family budget. Instead of budgeting what you'd like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt-car … (7 comments)
•1. Don't Get "Pre-Qualified"!
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