Home prices are low. Interest rates are at an all-time low. Credit requirements are loosening. You are thinking about buying your next or first home, but feel overwhelmed by the prospects. Here are a few short tips to help you with the home buying process.
- I recommend getting pre-qualified BEFORE you start the process. This can be done relatively quickly by speaking with a mortgage professional. A mortgage professional will ask you a few questions to determine if buying your new or first home is viable. Some questions include "How much do you want to spend on a monthly payment?" "How much do you make GROSS per month?", "How is your credit?", and "How much debt do you currently have?" etc. These are important questions that need to be asked in order to determine if now is the right time to purchase a home. Undoubtedly, a credit report will need to be pulled. Don't worry! This will not bring down your credit score. Unless you have had multiple creditors pulling your credit report in a relatively short period of time, a new inquiry, particularly from a mortgage professional, will not affect your overall credit score. Depending on your credit score and overall credit history, your mortgage professional may recommend credit repair from a reputable credit repair company.
- The next step I believe would be to make a list of things that are important to you in a home. I call this the Needs, Wants, and Wish List. Your needs are things that you cannot do without. For example, area, beds/baths, square footage, etc. Wants are things that you could live without. For example, if your needs are a 3 bedroom/2 bath home and you can get a 4 bedroom/3 bath home for the same price, or if a basement is not a need but you can find a home with a basement for the same price. Your wish list is something that would "push it over the top" for you such as a swimming pool, deck, views, etc. Have this list ready when you talk to your Realtor.
- The next step in the home buying process is to locate a real estate professional in your area that can help you locate properties that meet your criteria. Do a Google search on the area that you are most interested in and start interviewing Realtors to see if you are a good fit. Do a Google search on questions to ask your Realtor when buying a home. There are a lot of good websites out there that will give you some good ideas, but ultimately, think of the things that are important to you and ask your potential Realtor. You may also ask your mortgage professional who they recommend since they will have to work closely together throughout the process, and you want that process to be as smooth as possible. I can tell you from experience that there are very few things worse than a mortgage professional and a real estate professional that do not get along.
- The last step is to find your new home. This can be exciting and nerveracking all at the same time. Let your mortgage professional and real estate professional do what they do, and sit back and enjoy the process. Don't get too emotionally attached to any property until the property is yours! Look at it as a business/investment opportunity. Once you have closed on the home, then you can get excited. There are a lot of variables that have to come together, and you can get very discouraged if there are speed bumps along the way in the process. Feel free to ask your mortgage or real estate professional any questions, but be careful you aren't calling them every 15 minutes.
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If you need help with any or all of these steps, please feel free to contact Bryon Self Online
, email email@example.com, or calling 303.990.9320.
Are you currently renting? Do you wish that you could take advantage of the low home prices and get started on home ownership? You may be closer than you think. Even if you have had previous bad credit, including bankruptcy and forecloser, you may still be able to take advantage of the present market conditions. How? RENT TO OWN
! The rent to own (or lease option) may be a very viable option for you right now. You may not be able to qualify right away for a mortgage
, but with a little help on credit issues by a professional
, you could be within 6 months away from owning your own home. In the meantime, why not get locked into today's price on your new home? The process is very simple. Here are a few steps.
- Locate a property that has a lease option (rent to own) - a real estate professional can help you locate properties in your area that meet this criteria. Talk with your Realtor about what your needs, wants, and wishes are. They can sort thru the data on the Mulitple Listing Service (MLS) and find the perfect home for you and your family.
- Talk with a mortgage professional that will help you determine what you need to do to qualify for a mortgage and when. They can pull a tri-merge credit report that will give you your credit scores and credit history, and help you determine what needs to be done in order for you to qualify for your new home mortgage. The cost of a credit report is typically $25-50 for a joint, tri-merge (all 3 bureaus) credit report. You can also utilize one of the "free" credit reporting sites available, although you typically have to sign up for a membership in order to view your credit report and scores.
- Hire a professional credit repair company to assist you in cleaning up your credit. Most people do not have the time to fix all the issues on their credit report. Be careful that you find a credit repair company that offers a money back guarantee. Just because you hire a professional to help with the repair does not mean that you do not have to do anything. You still will need to be communicating with the credit repair company, and get them the repsonses from the credit bureaus once the repair process has started.
For help with any and all of these steps, contact Bryon Self at the Liberty Rent to Own Program by going online to www.LibertyRentToOwn.com or emailing LibertyRentToOwn@gmail.com . You can also call 720.432.4RENT (4736) for more information.