How’s Your Financial Situation?
With the market slowing, new home buyers stand a good chance of finding a great deal. That is, if all their ducks are in a row. What does this mean?
It means you should be evaluating your financials to make sure everything is in order a few months before you even begin looking. Doing so, allows you to address any potential red flags that a lender may discover when approving your mortgage.
Before looking, you should:
1. Clean up your credit report - check for inaccuracies, open credit card accounts that should be closed, and any delinquencies that require explanation. If there are issues, contact the appropriate credit reporting company to pursue.
2. Know your credit score - many credit reporting agencies can provide you with your FICO score. Your FICO score is important to lenders. Many will not discuss a loan with you unless your FICO score is a particular number. To complicate this process even more, that number can vary between lenders.
3. Figure out your price range - sit down and figure out what your monthly income and expenses are. Then, estimate any additional costs to be incurred with a house such as higher utilities, association fees, homeowner’s insurance, appliances, home repairs and even yard maintenance. It all adds up, and adds up quickly.
Understanding your financial situation before you begin the buying process, can help alleviate possible pressure and frustration down the road.
For more information, contact MillionSaverHomes.com a local Las Vegas real estate broker at 702.212.3513.
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