Buyers - The Financial Assessment

Buyers, as you start the process of planning to purchase a home, you should first assess where you are financially.  Questions to ask yourself are:

• "What are my spending habits like?"  Start by writing down everything you spend money on for 30 days.  You will be very enlightened about yourself.
• "How much do I have available in my checking, savings and investment accounts?"  These are your assets and readily available sources of funds to go towards your purchase.
• "How is my credit?"  This question is real subject of this post.  Many lenders are becoming increasingly cost conscious and somewhat reluctant to pull credit reports without an indication that the buyer is going to qualify.  So take advantage of online resources for pulling your own credit.  Two websites that accomodate consumers checking their credit scores are www.myfico.com and www.freecreditreport.com.  Both sites will give you information from all three major credit reporting agencies.  There may be a small cost involved to pull the information but you will be 'armed' for your conversation with a lender.  Also if you are interested in down payment assistance, you will have an idea of whether or not you meet the requirements for minimum credit scores.

For more information about purchasing a home in metro Atlanta, please give our office a call at 404 923 4210 or click here.  Thank you!