10 Sep SECRET TIPS FROM YOUR REALTOR
Financing Do’s and Don’ts
- Buyer—Get your financing in order. (Do not get offended when the Realtor asks about your financial situation) We must ask this question to better serve you.
- Locating a Lender—you may already have a lender. (Be sure and share that information with your Realtor) If you don’t have a lender the Realtor can help you with this task.
- Lender Relationship—the lender will ask for information and items that help to get you qualified for a loan. This will help the lender to establish a loan amount for you. At this time please share with your Realtor, that way we know what our budget will be for house hunting.
- Lender/Realtor Relationship—these two people will work together to help you with the purchase of your new home. They will be in contact with each other to make this a seamless transaction for you the buyer.
As a buyer, you are so excited you have been pre-approved for a loan. Now you have found the perfect house. Now let the LOAN PROCESS begin…. During this time, there are a few things you must be aware of…….
DO NOT apply for a credit card
DO NOT buy a new car/motorcycle/boat/ATV
DO NOT buy furniture for your new house (on credit)
DO NOT apply for another type of loan
When the loan process begins, the lender will pull your credit score at the beginning of the loan process. During the next 30 to 45 days (during the loan process) Your credit will be pulled again, to see if anything has changed over the past few weeks. If you did any of those things listed above…your credit score will be affected. This could very well cause you not to get your home loan. It is in your best interest to just look or pay cash for items. (Buying items on credit affect your debt to income ratio).
Please don’t be afraid to ask your Lender or your Realtor questions. Remember we are here to help you through this process of purchasing your home.