Talking with a lender now to find out what your financial status looks like is a good idea....that way you can clear up any issues, if any, prior to making a purchase. You may be a little early for selecting a Realtor, but I would talk to family members and friends to see if they have any recommendations and what their personal experiences were with the Realtor they would refer to you.
Pamela Shemet , GRI, SFR, TRC
Exit Realty Leaders
730 N Suncoast Blvd
Crystal River, FL 34429
Cell / Direct # 352-422-2939
Toll Free # 888-664-1951
Fax # 352-795-0282
Today in many price ranges you will be competing with investors making cash offers. The shortage in inventory and influx of investors from outside the metro are has caused investors to move to near retail pricing for homes. To be competitive you will need to cash or totally approved from a credit standpoint. For this reason, you need a very reliable lender. If you make an offer not contingent on financing you will lose your earnest money if you do not close.
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Marietta GA 30062
404-386-3682 Assistant Robin
678-760-6266 Buyerâ€™s Agent Adam
1.Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2.Develop your home wish list. Then, prioritize the features on your list.
3.Select where you want to live. Compile a list of three or four neighborhoods youâ€™d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4.Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment. Also, donâ€™t forget to factor in closing costs. Closing costs â€” including taxes, attorneyâ€™s fee, and transfer fees â€” average between 2 and 7 percent of the home price.
5.Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6.Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options â€” such as 30-year or 15-year fixed mortgages or ARMs â€” and decide whatâ€™s best for you.
7.Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8.Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first- time buyers. Or, if you have an IRA account, you can use the money youâ€™ve saved to buy your fist home without paying a penalty for early withdrawal.
9.Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10.Contact a professional real estate agent. Find an experienced professional who can help guide you through the process.
When you are ready to purchase your new home, feel free to give me a call. I can recommend very qualified lenders who will walk you through every step of the way.
Fred Yancy, Broker