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If you are
still paying rent and don't think you can afford a new home, this information is for you.
You can stop paying your landlord's mortgage and start building your OWN equity and
financial/emotional security by following the list of suggestions here:
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Check Your Credit |
Even if you think your credit record is
spotless, this is an important  step.
Don't wait until you're trying to buy a home to
perform periodic credit checks on yourself. If you find discrepancies, you'll need
to straighten out any problems in writing. Also, close out, in writing, any credit
cards you no longer use. This can be thought of by lenders as a potential default.
Avoid making any large purchases on credit cards until after you close on your
home. A final check will be run before closing - don't ruin your chances! Bad
credit and accumulated debt might prevent you from obtaining a mortgage. Clean
credit and low debt will put you in a position of getting the best possible loan and
interest rate.
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Determine Your "Buying
Power" |
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 Think you need a 20% down payment to buy a home? Not
so! Speak with a mortgage representative or your bank about the many different loan
programs that are available for first-time home buyers. The amount of money you can
borrow for a mortgage is based on your credit rating, employment history, income, and
assets. The money you have available for a down payment together with mortgage money
is considered your "buying power." To
get you started on the mortgage process, Jim McMillan, our in-house Senior
Loan Officer with Chase, is available in our RE/MAX office, or you can
visit Jim online.
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Get a Real Estate Education |
Decide where you'd like to live.
Then find out if the homes in that area are affordable for you. Narrow down your
town selections to about 3 or 4. Ask a local Realtor® for listing
information in your price range to see if you're going to be able to buy the type of home
you want. If you're not already familiar with the area, ask the Realtor®
to provide school
and town
reports.
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Choose a Realtor® |
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Interview 2 or 3
Realtors® who work as Buyers Agents
in your chosen area. Don't hesitate to ask for
their resumes,
list of their qualifications, and a list of references. They should be knowledgeable
about the area, market conditions, and financing; and also provide prompt, efficient, and
courteous service. You should also feel that the Realtor® you're working
with is someone you can trust and will work in your best interests. If the Realtor®
you choose is good, they'll be able to guide you every step of the way to your new home!
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© 2002 Karen Colyer.
All rights reserved. |
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