New Home Buyer
Are You Ready to Buy?
There is no doubt that this is the best time to buy a home. Interest rate are lower than 5% and housing prices are low. If you have been kicking around the idea of buying but don't know where to start, please fill out the questionnaire below. I will be happy to assist you in purchasing your first home. Finding your motivation and specifying your wants and needs is a good beginning, but there are other things to consider before taking the leap into home ownership. Click here to find out about the 100% financing (zero down).
What's your financial situation?
What's your debt load? Credit cards, utilities, car payments, childcare and groceries are factors to consider. Don't forget the money for a broken air conditioning unit will be coming out of your pocket. Will you be able to handle unforeseen emergencies, monthly bills and a mortgage payment? As a rule of thumb, no more than 40 percent of your gross monthly income should be used for housing payments.
How's your credit history? Delinquent credit card and bank payments, past bankruptcies or a student loan that's unpaid can severely affect your ability to get a mortgage loan. For a small fee you can obtain a credit report on yourself and clear up any misunderstandings before applying for a loan.
Credit Unions:
Experian 1-888-EXPERIAN (397-3742)
Equifax 1-800-997-2493
Trans Union 1-216-779-2378
What's your employment history?
If you have been working continuously for the past two years, a lender should consider this to be steady employment. This does not mean that to be approved for a mortgage loan you need to have worked at the same place for two years; in fact, job changes can be favorable, especially for an increase in pay.
However, if your work history has not been continuous for the last two years, as long as you have a reasonable explanation for any breaks in employment, you still may qualify for a loan.
Have you saved money for a down payment and closing costs?
In addition to the amount of money you will have to borrow for your home, the lender will require you to invest, in cash, around five to twenty percent of the purchase price toward the loan. If you are looking at a $100,000 home, a ten percent down payment would be $10,000.
Closing costs are additional expenses incurred throughout the buying process that must be paid for in cash, like attorney and inspection fees, escrow charges and document fees. Closing costs are typically five percent of the purchase price of your home, so add another $5,000 to your $100,000 home.
How I Can Help You Buy Your Next Home
1. Receive current homes on the market that match your criteria sent to you via email for FREE.
2. My team at Cornerstone Mortgage will provide you excellent consultations, offering wide arrays of programs at competitive rates and low pricings including specials in title and appraisal.
3. I schedule showings around your schedule, and to respect your personal and family time. This requires special planning and forethought only the best agents will do.
4. I will provide ongoing competent counsel before, during and after the sale.
5. If you are purchasing a rental property, I will be your resource to guide you through the rental process if you need me.
6. I will guarantee to follow-up your phone calls and emails within 24 hours.
7. I constantly strive to improve my customer service to build long-term relationships.
Real Estate Resource
- Free Real Estate Seminars
- Renting vs Owning
- Role of the Realtor
- Pre-qualify for a Home Loan
- Government Loan Programs - MHFA/CASA
Please fill out the forms below to get free properties send to you.
