Home Buying Tips

1. Prepare your budget to save a minimum of 3% of the price of the property you are seeking. Ex:   200,000 dollar property. Show assets of 6,000 dollars plus any retirement, 401k, mutual funds or gift from relatives.

2. Two years of w2’s showing year-to-date earnings.

3. 2 months of previous bank statements.

4. Have a pre-qualification letter from a mortgage lender or bank. Most realtors want to see that you have been qualified for the home purchase. It is a good tool to have so you know what you are shopping for and saves unnecessary stress from the purchase transaction.

5. If applying jointly, try to obtain copy of credit report, and work on getting scores as high as possible. Always remember the better credit score the better terms of financing.

6. Start small in the beginning. Remember it is not the price of the property, but the location that makes a difference. Once obtained, it is easier to get additional properties after the first one is done. The key is having sound stewardship over your finances, and gaining equity from the property after normal seasoning of mortgage. Depending on location and price most consumers can refinance in as little as 6 months after purchase to get even lower terms on their initial interest rate.

7. Research crime rate and school system in your jurisdiction. A higher crime rate can lower property values, which can lower chances of getting a refinance.

 8. Get a Home Inspection of the premises before making final decision to purchase. 

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Last modified: 02/01/10

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