by Renda Lasdin
Are you ready to buy your first home or maybe like some of my clients this may be your 12th transaction? No matter the case, it is important to take the necessary steps to save you both time, money and most importantly, stress.
Choose a Realtor
1. A realtor’s job is to connect people who want to buy and sell a particular home. For this reason, a realtor has an interest in selling homes. A very good realtor will use her experience to sell the right home to the right buyer — you. A realtor who is a neighborhood specialist will often have particular expertise in the neighborhood you are targeting and can give you pros and cons that a more generalist cannot
2.. Get pre-approved – your realtor can help you with this
I cannot stress this enough. It might sound silly to some but believe me, it will save you plenty of grief in the long run.
When you’re pre-qualified for a mortgage, a lender has simply given you a good idea of how much you may be able to finance to buy your home.
When you’ve got a pre-approved mortgage, a lender has made an actual commitment (subject to conditions such as a property valuation) to loan you money. Mortgage pre-approval should be your first step when you’re seriously looking for a home to buy.
Sellers love buyers who get pre-approved. Pre-approved buyers are almost always given the green light by lenders, meaning there’s less risk for the deal to get scuttled in the end.
Don’t accidentally get pre-qualified instead of pre-approved. There’s a difference. Pre-approval means that the lender is usually prepared to give you a loan after seeing your financial vitals. Pre-qualified only means that the lender is estimating what you could borrow. It doesn’t mean you’ll get a loan.
3. Get all your financial ducks in a row.
The difference between a 4.5% interest mortgage and a 5% interest mortgage can mean tens of thousands of dollars over the life of the loan. Get a free copy of your credit report so you can see what the lenders see on your credit history. Pay off credit cards and resolve any credit disputes or delinquencies. In general, scores between 650-700 will get the average rate.
A higher score it will get a great, 25% reduction, but a score below that will cause a significant increase in your interest
Stay tuned for regular tips and tricks from Realtor Renda Lasdin. With 30 years of experience, she will save you time and money when purchasing your new home.
Renda Lasdin has been an award winning broker with Re/Max Royal JORDAN for 30 years. Devoted to providing excellent service to all her clients,buyers and sellers a like . She has worked with all resales and extremely knowledgable with new construction having had a devoted client ( developer… Les Habitations R.D.P. )for 27 years . Honesty , professionalism and integrity is her motto. 514-984-0889. Rendal@royaljordan.com