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The HAVE And The HAVE NOTS Of Home Buying
On almost all fronts of life, society is broken down into two categories no matter what socioeconomic background we fall into, and those two categories are the “HAVES” and the “HAVE NOT'S”. Ironically there is only one small word that buffers the two and that is the right make the right “CHOICE”. One of my mentors once told me that if I can find one person that has successfully done what I am aspiring to do and model my choices after theirs then my success is inevitable. Home-buying is no different, people purchase homes every day and my goal today is to share 5 things you must “HAVE” to successfully purchase a house in this great market.
“MUST HAVE” - #1. Knowledge of your credit score
Your ability to obtain a favorable mortgage interest rate and terms which determines the size of your monthly payments-will be directly related to your credit score. Your credit report is essentially a summary of how reliably you’ve been paying off your debts. If you have too many late payments leading up to the purchase of your home, your score could be lowered, and you might get a higher rate or even denied altogether. Most lenders require a score of at least 620 for a mortgage so that’s why it is good to know where you are so if you are below the 620 you can invest time now to boost score. Now is the time to start, since it can take months for credit score changes to take effect.
“MUST HAVE” - #2. Cash for down payment
Most lenders require a cash down payment that could range from 3% to 20% of the sales price of the home. There are some 100% financing programs available in certain real estate markets such as USDA. There are FHA loans available in a greater market segment which offers 3% down payment programs. However, the vast majority of home-buyers will receive conventional financing with down payments starting at 5% to as much at 20%. You should also be prepared to pay for closing cost which range from 3% to 6% of the sales price that could include but is not limited to appraisal, inspections, attorney fees, etc…. If you don’t have this kind of cash lying around, it’s time to start a saving plan for the next few months. Areas that can help you save is to put off buying big ticket items, or even scale back other extravagances such as fancy vacations. This is a new home we’re talking about, remember? There are other alternative ways to come up with down payments such as borrowing from retirement (IRA or 401k) or even a gift from parents or relative (good luck).
“MUST HAVE” - #3. Chose the right real estate professional
Today we are overwhelmed with going with the in-crowd or who we perceive to be successful. One may chose a real estate professional because they have billboards on every highway or they are a life member of the million dollar club. There is nothing wrong with either we all strive to reach those same goals however, that does not mean the professional is right for you. The same way you might want to vet an attorney before going to court, make sure you do the same when choosing your real estate professional. Ask questions that make you feel comfortable before deciding to trust them with the greatest investment of your life.
“MUST HAVE” - #4. Chose the right lender
The same way you carefully chose a real estate professional you should do the same when choosing a mortgage lender. However, if you chose the right real estate professional they should always be able to refer at least 3 lenders that they have working history with. Online lending have become very poplar and some are comfortable with it but whatever you do use a lender that you trust to discuss your financial situation with so they can lead you in the right direction and expose you to as many financing options available in the market today.
“MUST HAVE” – 5. A made up mind
When purchasing a home many things can and will arise that will attempt to derail your home buying quest, but if you remember to execute all four of the previous “MUST HAVES” you will eventually reach the closing table. One of the biggest obstacles is your mind telling you that can’t do it but if you make up your mind right now and every day positively confess that you will be a homeowner only the thing that can come back your way is the positive results of home-ownership. Whatever you have to do the keep the faith in the process laid out before you in this blog it will work.
You notice I only listed everything you need to become a member of the “HAVES” of the home-buyers club because to in order to remain in the “HAVE NOT'S” group all you have to do is continue to do nothing. Make a choice today to leave the “HAVE NOT'S” and become a “HAVES” and start positioning yourself to be a home owner. I am waiting on you to let me lead the way. Remember that it’s insane to continue to the same thing expecting different results. Take the leap today and if you’re expecting to buy a house call me at (678) 972-8335 or click here to start your process.
I have been in the real estate business over 18 years and have experience with buyers and sellers alike. I service all metro Atlanta counties with my real estate expertise. I enjoy traveling and fashi....