A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainties about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need a down payment(the average down payment on all loans last year was 5%, with many buyers putting down 3% or less), a stable income, and good credit history.
Throughout the entire home buying process, you will interact with many different professionals who will all perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps thatFreddie Macsuggeststo follow:
Find out your current credit history & score– even if you don’t have perfect credit, you may already qualify for a loan. The average FICO Score® of all closed loans in September was 731, according toEllie Mae.
Start gathering all of your documentation– income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
Contact a professional– your real estate agent will be able to recommend a loan officer who can help you develop a spending plan, as well as help you determine how much home you can afford.
Consult with your lender– he or she will review your income, expenses, and financial goals in order to determine the type and amount of mortgage you qualify for.
Talk to your lender about pre-approval– a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change) and demonstrates to home sellers that you are serious about buying!
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
Author:Matt Watson Phone: 214-417-9171 Dated: October 31st 2018 Views: 113 About Matt: ...
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You're excited about your next big move: You want to buy, build or sell a home in central Dallas, the urban heart of high-style Texas living. But you don't want to fight with paperwork or negotiate details. You just want a real estate agent who can.
I'm Matt Watson. I've worked with young professionals looking for upscale, uptown residences as well as empty-nesters looking to scale down and kick back. I've sold condos, townhouses, lofts, high-rises and homes (historic and otherwise) all over Dallas. And I know how to make your real estate purchase or sale easy and hassle-free.
If you're buying a home, I will:
Help you find a resid ence that matches your lifestyle.
Give you instant access to the Dallas Multiple Listing Service.
Help you find financing that works.
If you're building a home, I will:
Help you locate the right building site.
Help you select the home style, size and amenities that fit your neighborhood.
Help you select a qualified builder and coordinate construction.
If you're selling a home, I will:
Price your property based on market conditions and your personal goals.
Help you enhance your home's market appeal.
Market your property to the right buyer, not just any buyer.
And whether you're buying a home or selling a home, I will:
Always be your advocate and work in your best interest.
Always give you the facts you need to make the right decisions.
Always negotiate the details and handle the paperwork.
It's that simple. Welcome to the Matt Watson way of doing business.
Buying a Home Young is the Key to Building WealthHomeowners who purcha
"Matt Watson was referred to us by a friend who had recently purchased a home with Matt’s help and guidance. She was delighted with Matt’s results in finding her the perfect home and she felt he would do the same for us. Matt was perfect for us as well. Matt took the time to get to know us personally so he could better gauge the best homes to show us. He payed very close attention to what we liked and didn’t like in properties and neighborhoods we were shown. Matt is extremely organized and doesn’t like to waste clients’ time so he was careful to show us only properties in our price-range and with the amenities and floor-plans likely to work best for us. The end result was Matt very creatively helped us to purchase two condominiums which we were able to join together to create one larger unit. It is the perfect home for us and we could not have done it without Matt. In addition to finding great properties, Matt was very skillful at negotiating prices and timing. We were delighted with outcomes in all of these areas. We are currently debating whether to invest in a couple of rental properties and we would once again ask Matt to guide and assist us."