There is no doubt that the home buying process can get a little hectic. There are so many homes to look at, factors to consider, and papers to sign that even experienced home buyers can get a little overwhelmed. These tips should help you get into that home of your dreams with the least amount of headaches and stress.
- Do not go it alone. Make sure that you have a trained and experienced real estate agent working for you. A good agent will keep track of the day to day details of your transaction and make sure that you have all the paperwork taken care of.
- Do not change jobs unless it is necessary. Lenders like stability. If a lender sees that you have a stable employment history it's less likely that there will be trouble with your application.
- Do not purchase any new large items. Hold off on buying that new car. With today's gas prices, you might really be tempted to purchase a car, but if you want to get into a home, hold off buying until your in your new home.
- Do not build-up credit card debt. Of course, that's good practice regardless o whether you're trying to get into your first home or just sitting on cruise mode. Don't cancel your revolving credit cards. You need to show your credit history. If you close down all your cards, you'll have no credit. You want some credit, but you don't want the credit limits maxed out.
- Do not plan to purchase a foreclosure home a month before you want to move into it. There's a lot to this topic that I have written about in previous blogs and will write about again. If you would like more info on this subject, just let me know. But basically, it'll take about 4 months to close on a foreclosure transaction. Plan ahead!
Your best advocate in this process is your REALTOR(r). They are skilled at keeping you in the game, out of trouble, and on time. And they can advise you about a reputable lender to use. Contact your Realtor as soon as you start thinking about a sale or purchase, even if you're not planning to purchase for a year or more. The Realtor can put you on the easiest path toward your goal! Happy House Hunting!
Marianne Snygg, GRI, ABR, ASP
ERA Herman Group Real Estate
Colorado Springs and Monument Real Estate