Jesus M. Fernandez, REALTOR® 786-553-7530
Morris Williams Realty: 888-326-3949
There is no town like my hometown! I have it all here!
Preparation, the key ingredient of success!
The first step to purchasing a home begins with preparation!
"Give me six hours to chop down a tree and I'll spend the first four sharpening the axe."
Financing your purchase?
If you intend to finance your purchase, below are some tips to help you prepare for the successful purchase of your new home, which begins with some basic understanding of the purchasing process, careful preparation and finding the best mortgage deal.
What is the first step in the home buying process when financing?
ANSWER: The first step is to check where you are on the financial map. Start by checking your credit score with the three credit reporting agencies. Pay careful attention to your credit! The best mortgage rates often go to borrowers with good credit scores, while those with low credit scores can still probably qualify for a loan, but may end up paying higher interest rates or higher closing costs. Know your credit score!
Borrowers with a credit score above 580, can typically qualify for a mortgage loan. Those with a lower credit score, will find it very difficult to qualify for a traditional mortgage. Typically, borrowers with scores over 740 qualify for the best rates.
Check your credit
Visit AnnualCreditReport.com! to get your free credit report. It may not show you everything, but will give you a rough idea about your credit score.
Check your credit score at MyFico.com for a comprehensive credit report. You can check with a single credit bureau for $19.95 or check all three, for $59.95.
If there are errors in your credit report, you can correct them in most instances on your own, with just a phone call or two, or you can hire a professional credit repair agency to help you.
If you have a low score, do what you can to improve your credit rating. Usually paying down some of your outstanding debt, like a car loan, for instance, will help you to improve your credit score. Call us! We can answer all your credit questions
Jesus M. Fernandez, REALTOR® & Website Publisher
The Buyer Advisory pages, have real-world advise on how-to
successfully purchase your home. Understanding some of the key dynamics will put you in control and help you get the most from your purchase. Call with any of your questions.
How do I get started?
ANSWER: Getting pre-approved by a lender. Even before you start looking for a property to call home, you must talk to a lender or two, to learn about how much of a loan you qualify for. Without knowing your borrowing limit, its very difficult to begin a property search or set any spending limits. Additionally, you will need an Pre-Approval Letter from a lender, to accompany any offer on a property. Otherwise, your offer will not be considered by sellers, since they won't know if you are qualified for a mortgage or can afford their home.
What kind of documents are required by lenders, to get Pre-Approved for a Loan?
ANSWER: Typically, you will need to show one month’s worth of pay stubs, two months of bank statements and two years of tax returns, in addition to any bank accounts you may have. Some lenders may have additional requirements.
Once you have all your paperwork together, call a minimum of three of the lenders advertising on this page, and shop around for the best mortgage financing deal.
After receiving your Pre-Approval Letter, give us a call and we will help you locate a home that meets your needs today and for years to come.
What are my mortgage financing options?
ANSWER: Today, home buyers have many options to finance their purchase. It is important to consider the different types of loans available to you, and choosing one that serves best your personal financial interest.
To learn about the different types of mortgage loans,
click the button below.
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