4 Easy Point to Remember Before Applying for a Loan

By
Real Estate Broker/Owner with Vision Realty
https://activerain.com/droplet/4XPq

Considering purchasing a home? While we are nowhere near the bottom of the market that we saw just in the last couple of years, we’re not at the peak either. Now is a great time to consider buying since rates are still relatively low and prices are low as well. Most of the foreclosures and short sales are slowly being removed from the market, so finding a bargain-basement deal is a little bit more difficult, but not impossible. Regardless of what type of home in which you are interested, a home loan may be in your future. If you’re not sure where to start, here some tips on financing a property or real estate in the Columbus area.

Start off by knowing your personal finances and credit history.

Get a copy of your credit report, or have a good Mortgage Institution get a copy, from one of the three major credit reporting agencies, Equifax, Trans Union, or Experian. Carefully go over your credit history and check for any errors or fraudulent activity. Pay off any late bills or try to clear them off of your report by writing a letter of explanation.

Know how much money you have and what your net worth is.

Take into account any funds you may have in mutual funds or stocks, IRAs or savings accounts, liquid funds in checking or any other assets you may have. All this will play a factor in how much home you can afford. Consider your budget and what monthly payment you think might be in your comfort zone, for a mortgage payment. Remember, your mortgage payment amount should also include taxes and insurance, not simply your principal and interest payment.

Sit down with the lender and go over all of your finances and get a pre-approval letter.

This preapproval letter will be submitted to sellers when presenting an offer showing you’ve already done the necessary financial homework to purchase property. Offers are usually accepted much easier when the seller knows that the buyers are already preapproved and qualified.

Plan your monthly budget so that you’re prepared for homeownership.

If this is the first time you’ve ever purchased a home you need to know that your monthly expenses will now include utilities, water and trash, sewer and any city utilities, plus a reserve account for any repairs or emergency funds. You need to be prepared in case you need a new roof, furnace or water heater, windows or any electrical or plumbing repairs.

Start your road to homeownership right by knowing your finances, speaking with the lender and having funds available in case of emergency. I have a Mortgage Company and Loan Officer on my team that I recommend to my clients when they don’t have a business relationship with one. If you’re ready to get started looking at Columbus area homes, call me today or browse all the current MLS listings for FREE on my website.

More posts:

So, What's Keeping Millennials From Buying?

5 Keys All New Construction Buyers Should Know

Post was originally posted here: https://goo.gl/o4hLuj

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columbus, lewis center and gahanna real estate

Columbus Ohio real estate - Vision RealtyAs a certified Realtor® for the top-rated Columbus Realty Firm - Vision Realty, with 32 years of dedicated real estate experience, I can help buyers, sellers, investors, short sale sellers and more find, sell or invest in the right property, at the right price, at the right time. Contact me anytime for updates and information on the Columbus OH Real Estate market.

 

Donald Payne - Vision Realty, Inc.
4608 North High Street

Columbus, OH 43214

Toll-free: (866) 510-2223

Cell: (614) 323-4348
DonaldPayne@VisionRealty.com
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Topic:
Lending / Financial
Location:
Ohio Franklin County Columbus
Groups:
1st Time Buyers
Advice for Buyers
Tags:
home loan
columbus ohio
mortgage
columbus homes

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Rainmaker
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Victoria Ray Henderson Marshall Henderson
Buyer's Edge Company Inc - Bethesda, MD
Real Estate for Home Buyers with Buyer's Edge

Great post Donald Payne It's simple straight forward advice. When buyers take care of this critical first step, we can focus on finding on finding a great home in their price range. 

Have a great day!

Dec 01, 2016 09:52 AM #1
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