Losing your property virginity can be scary and confusing. Many first time home buyers feel that once they found the house they like and have been preapproved for a mortgage that it is smooth sailing until closing day when you get the keys. However, there are a few things that can occur to complicate the process. As a professional real estate agent, I'm here to help guide you and make things much clearer. I am always just a call/text/email away!
Top Tips For First Time Home Buyers:
1. Get on top of that financing paperwork. When someone asks you for a document, start looking for it and get it to them right away. It’s easy for the entire home buying process to get held up by a piece of unreturned paperwork. Get every document to your mortgage broker right away because they have other companies and people waiting on those documents as well. There are a lot of people working to get you a home behind the scenes that need to ensure they have all the documents they need to release hundreds of thousands of dollars on a loan to you based on the information on these documents.
2. Keep all purchases to a minimum. The time to purchase a new car, furniture, appliances, etc. is after the transaction has closed. Doing it beforehand can raise red flags for the bank. Your credit ratios will change. So please wait to buy everything once you're moved into the house! It'll be worth it and you'll know exactly how much space you'll have for that new TV or hot tub you've been thinking about.
3. Do what your lender says. As in, DON'T make any big purchases and create new debt that could negatively impact your credit unless the lender specifically says to do it. This means not buying that new car before you move into that new house... just wait a day or two until you're moved in okay? Also, sometimes lenders will ask you to pay off some credit cards so your debt ratios are better and sometimes they may have you open new accounts. It's very important to work with someone you trust. It doesn't have to be the bank either, chat with a mortgage broker too. Here's a list of some good pros.
4. Stay current on all existing credit accounts. Keep paying your bills like you always have. It’s important to keep paying the rent or mortgage. Not doing so can damage your credit and impact the ability to get a loan or the A lender lowest interst rates.
5. Ask questions. Buying a home can be a confusing process. I encourage you to ask me anything! I'm always available by call/text/email if you have any questions at all. If I don't know the answer, I will find the answer or get you in touch with the right professional. I have a team of pros to make this whole experience a memorable and painless one. It's an amazing time to get into the real estate market.. what are you waiting! Let's get moving!
Contact me to make a move or come by one of my FREE home buyer dinner seminars this fall! Also read this article I wrote on closing costs!
Kari Clark, Sales Representative RE/MAX REAL ESTATE CENTRE INC., BROKERAGE
Independently owned & operated
115 First Street Orangeville
www.kariclark.com | 1-519-216-1791 | 1-877-942-8111 | firstname.lastname@example.org