Spring is almost here -- prime house-hunting season in the South Sound -- so are you ready to buy a home? With inventory low and sales prices climbing, this is a challenging time to be shopping but our mortgage professionals have a few tips to offer buyers as you compete in this market.
Before you start shopping, make sure your credit looks good. Talk to our mortgage officers about down payments to be sure you qualify for a great rate and to avoid extra fees. Check your credit reports, a good resource for this is free at .
We can also set up a meeting to complete a pre-approval which includes a credit review so that you know exactly where you stand.
Now is the time to review that budget. Some of your expenses are going to increase in a new home – like utilities and insurance. Some expense may drop off the list completely. Add up all your expenses, but leave out your estimated mortgage payments. When you subtract the total of this list from your income, you will have a good idea of how much you have left for mortgage payment. You can contact one of our mortgage officers to calculate mortgage payments based on various available interest rates. Generally, housing costs should be 30% or less of your before-tax income.
Most home purchases require compromise. Maybe you’ll decide on a smaller house in a neighborhood with the best schools. If space is your highest priority, though, you might choose a larger house in a less-exclusive neighborhood. Every house has advantages and disadvantages, but keep your search within your financial comfort zone. After doing your research, you’ll know how much house you can afford. You can then pinpoint properties in that price range.
Use a Mortgage Professional –
Our Mortgage loan officers help make everything easier. For example, pre-approval gives you an edge with sellers looking for a quick, smooth deal. A good pre-approval from a qualified lender is almost as good as cash. O Bee loan officers will guide you through the pre-approval steps. No charge, no obligation. Come in today and start the process.
Use a Realtor –
Realtors will ensure that you are getting the best deal that you can. Your agent can help you find listings and guide you through financing, inspections, and price negotiations, which are critical components of any purchase.
Now is the time to get ready to buy, contact one of your O Bee Mortgage Loan Officers today!
Mortgage Loan Officer (NMLS ID# 109067)
Mortgage Loan Officer (NMLS ID# 613959)
Mortgage Loan Officer (NMLS ID# 1144183)