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Purchasing A Home

 

Whether you’re a first-time home buyer or you’re moving up, there are several keys to keep in mind:

Hire a Professional Realtor - Call us if you’re thinking otherwise. As home sales have increased, this has become a very competitive market. You must hire people who have an understanding of home values, negotiating, neighborhoods, appraisals, inspections, title, lending requirements, closing, etc. Those people are Realtors. It will pay you to find the best one you can and to listen to their advice

Before house hunting, get Pre-Qualified and Pre-Approved by a reputable lender with experience and a track record. If you’re not paying cash, you will need a mortgage. A professional lender from a reputable bank or broker will assist you in navigating the lending maze. They will pull your credit, analyze your assets, determine your debt-to-income, and determine the best loan term and program that suits your needs

Hire a home inspector. An appraisal if for the bank to determine if there is sufficient collateral in the property in order to issue a loan. An inspection is for the buyer to determine if there are potential problems with the home that could require costly repairs after the purchase

Don’t make large deposits (anything over $1,000) into your bank account or get gift funds from a family member before you discuss them with your lender. All large deposits must be able to be documented. “A friend paid me back some money” won’t work.

Don’t quit your W2 job to become self-employed. If you do, you will need a two year history of tax returns before you will qualify for a loan

Do not open up new credit cards or buy a car during the home loan process. A credit report will be pulled before closing to determine if you have acquired any new debt since applying

Don’t forget to pay your bills. Your credit score can fall 35-150 points in a month if you make a simple bookkeeping error

Unless you’ve been in the military, you will need a down payment for your loan. Work with your lender and find out what you qualify for. It could be an FHA loan the requires 3.5% down or a 5% down Conventional loan or 20-25% for down for an investment property

Since you need a down payment, you need to understand that there are closing cost and pre-paid tax and home insurance costs associated with getting a home loan. See get Pre-Approved above

Depending on the loan program, a seller, a family member, a church or non-profit can help with down payment, closing cost and pre-paid items. See get Pre-Approved above

 

If you are interested in purchasing a home, I can help!

Contact me today!

David Levitt
NMLS ID# 697457
(248) 330-5888 Cell Direct
(248) 232-0307 Fax

Horizon Financial Group
30665 Northwestern Hwy. Suite 110
Farmington Hills, MI 48034

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