Getting the Right Financing is the FIRST Step
It's all about affordability. Consumer protection laws have given home buyers great tools to use in shopping for financing that makes buying a home within your budget. There has never been more transparency in the lending process; and you don't have to become a financial expert to get the best terms.
My own background includes years as a mortgage servicing specialist with some of the nation's largest mortgage lenders. I can help you navigate the process from application to closing. Before you shop for the house you want to buy, knowing how much you can comfortably afford is critical. And getting a mortgage at the lowest possible rate for the shortest term in years can save you tens of thousands of dollars on the actual cost of ownership.
Here are some tips to get started:
- Gather information on everything you earn and owe. This is your starting point.
- Use tools you can access here. Check the entries under Calculators and Loan Info at the top of this page.
- Know your credit score. You are entitled to get a free credit report from each of the three major credit bueaus, Transunion, Equifax and Experion, once each year. Checking your own credit this way does not impact your score. Annual Credit Report Check the accuracy of your credit report annually for free: http://www. annualcreditreport.com. To obtain your credit score for a fee, contact the three major credit reporting agencies: Equifax (1-800-685-1111) TransUnion (1-800-916-8800) Experian (1-888-397-3742) What about the credit score you get from your credit card company or bank account? These can be helpful at keeping a pulse on your credit activity, but most lenders use a special score from Fair Isaac called a FICO score. But there are more than one FICO models. The higher your credit score, the better the terms you will get on a mortgage.
- Apply with multiple lenders. I recommed using a mortgage broker. There are many great professionals in the area and I am happy to recommend some that I have worked with in the past who deliver great rates, service and consistently meet closing timetables. A few years ago, credit laws in the U.S. were changed to the great benefit of consumers. If you apply for a mortgage with more than one lender within the same thirty-day period, it only counts as ONE inquqiry on your credit report. Since the number of inquiries impacts your score, that means you now can shop for a mortgage with more than one lender without being penalized.
- Get a preapproval from the lender. Many lenders will now process your application all the way through the underwriting process BEFORE you find a home. This gives you the assurance you can make an offer that is likely to close. That's a big advantage when you are competing with other buyers! And it takes away the stress while you wait for the final decision.
- Don't overlook closing costs, down payment requirements homeowner's insurance and property taxes in your budget. I can help you estimate these costs, based on the average prices in the are where you would like to live.
We will give you the guidance and support that is needed throughout your entire buying or selling experience.
Buying or Selling a Home in North Tarrant County?
We are specialists in the Fort Worth area. If you are looking to buy or sell a home in our area, you've come to the right place!; Knowing our unique community is an important aspect when choosing someone to work with, and we will deliver you results!
Our website can be used as a powerful tool for both selling and buying Real Estate in the Fort Worth area
If you are looking to buy a home in Tarrant County we can help to make sure that you receive new listings as soon as they hit market! Contact us today to take advantage of this powerful tool, and other methods to ensure you make a solid purchase decision. Please navigate around our website to use many of our valuable real estate tools.