TOP 10 LIST BEFORE YOU START LOOKING FOR NEW HOME...
- Do an honest evaluation of your income...how much of a payment can you afford. The basic rule is to not exceed 31% of your gross income
- Make sure that all of your monthly bills are paid on time
- Revolving accounts need to be below 25% of the current high limit. Most people do not realize the credit bureau deducts for charging too much on your card
- Locate your last two years tax returns and W-2's ... you can not do a loan without them
- Locate your last two months bank account statements. We must prove you have the assets to close your loan
- Locate a full 30 days of pay stubs...If you are paid every two weeks, you will need 3 stubs..Your name and year to date income must show
- Get a Pre-Approval from a reputable lender...They will evaluate your credit and income and give you a maximum payment
- Work with a Realtor ... They will help guide you through the lending process as well as the home purchase... VERY IMPORTANT!!!
- Put together files with all your important communications from your lender...do not trust your memory!!!
- Never rush into anything...Make sure you have the assets and income to support your purchase! (after all it is nice to afford football tickets and have life than overextending yourself for 'four walls')
Let me know if I can help you with your new home journey...
With smiles,
Bo in Yukon
Search for your new home at www.OkRealEstateSearch.com
With smiles,
Bo in Yukon
Hi Bo, Your Top Ten list is something all buyers should keep in mind!
Shirley - thanks...I think the same thing...especially about the credit cards...sometimes I even send a few round stickers with a STOP sign imprinted on them - just a 'gentle' reminder not to be tempted...LOL..
With smiles,
Bo in Yukon
Nice post. I will use this information, thanks.
Everyone shopping for a home should be putting this information together and make sure that they are tending to their credit.. good list, Bo.
Michael - thanks, I am glad you found the list helpful...
Judi - sometimes obvious things don't seem to be so important to us...Thanks for stopping by...
With smiles,
Bo in Yukon
Bo, this is good advice for all would-be house hunters. So many just start to visit opens, find a place they love, and they just aren't ready.
Patricia...thanks for stopping by...it is very important...just yesterday I had a person contacted me because they wanted to buy a house...I referred them to a lender...and...4 bounced checks, no credit history, job changes etc...young and stupid...ouch! I know it hurts but there is a need to get the word out about personal responsibility and planning...
with smiles,
Bo in Yukon
Great points in any market as well. Thanks for the ideas and post. Good luck and Happy Selling.
Charles, thanks and happy selling to you too...
With smiles,
Bo in Yukon