What are the requirements to get started in the home buying process?

What are the requirements to get started in the home buying process?

Owning a home is the American dream, that most people want to achieve at some point in life. Do most people know what the basic steps are to begin? Here they are. 1. Decide if owning is for you Owning is a big difference as compared to renting. You have all the responsibility for maintenance and costs that go with owning a home. Whether you go single family or multifamily, the responsibility is there. What i would advise doing is using a online calculator to determine what a mortgage and if you can cover those costs. 2. Sit and discuss with Myself/Lender Once you decide to pursue owning a home, meeting with a Realtor (me, lol) should be your next step. I will paint the picture and let you know what will be needed to make this happen and answer the many questions a first time home buyer would have. I work with several reputable lenders who can get you the best loan product for your particular situation. You are more than welcome to contact your own lender and/or bank, but working with a lender that has a relationship with your Realtor will ensure the process is as smooth as possible. 3. Get Pre approved Once you speak to the lender and they check your finances and credit, they’ll  be able to supply you with a pre approval. Most cases they will give you a maximum amount, that fits what you’re comfortable paying monthly. Once you have this, we can start home shopping. Here are the basics needed to get a mortgage pre approval. -Credit score of above a...
5 First Steps To Improving Your Credit Score

5 First Steps To Improving Your Credit Score

When it comes to improving your credit there is no “instant” fix to make it happen overnight. The best and fastest way to make sure that your credit stays great is to never let it go bad. Life happens to us all, and things happen. Here are the first 5 steps I direct my clients to do to improve their credit scores: Get a copy of your credit report and address errors According to a recent poll, 1 in 5 consumers have an error on their report. You should visit annualcreditreport.com and download your report (every citizen gets a free copy once a year), and see that everything is accurate and up to date. 2. Write a letter, or have credit repair company handle the errors found If errors or maybe a late payment is found, contacting the company that reported it should be your next step. It isn’t easy to get a creditor to remove a late payment, but there is a dispute process. Most lenders really only factor in the late payments within the last 12 months. Removing a negative account from your report can drastically improve your score once done. 3. Lower your credit card usage 30% of your credit score is your outstanding and current debt. Lowering that (under 30% of your limit on each card and overall) balance will definitely help your score within 30 days as well once the creditor next reports. Another option, is to request a balance increase from your creditor, which will lower how much is being used if increased. 4. Don’t apply for any credit Seeking new credit in...
5 Areas To Focus On To Add Value To Your Home

5 Areas To Focus On To Add Value To Your Home

Once you make your house a home, the value of it multiplies to you. You’ve raised your family there, likely grew in many areas of life, and it may have even been your first taste of home ownership. While all of these are great things and views on why your home is great, that doesn’t necessarily add monetary value to your home. The next buyer won’t really look at your home that way and rightfully so, being real estate transactions are a business. If you’re looking for some areas to focus on to add value in the eyes of buyers to your home, here are the 5 places to do so. Kitchen This is usually the biggest and best place to add value to that home. Whats usually the first thing people fall in love with in a home? Its usually the kitchen. While a major renovation can and will be costly, doing minor projects can get you there and to the same place. Maybe choosing to refinish existing cabinets as opposed to replacing the entire space of cabinets, can save you thousands and have the same look. Step by step is always the best way to go for somebody on a budget. Shopping around and tying all your ideas together will get it done and get that kitchen ready to make your home that much better. Bathroom Updates The smallest room can add big value to every other space in that house. Being that it is the smallest, it usually doesn’t cost too much to make it shine. Less floor space make it easier to re-tile the floor,...
5 Steps To Start Improving Your Credit

5 Steps To Start Improving Your Credit

Credit is a vital part to success and ease in your adult life. Having bad credit will result in you having to pay more in interest rates on cars, homes, credit cards, and even personal loans. If your credit score is really low, you’ll likely come across a denial in more cases than not. So what do you need to do to start on the path to improving your credit? Here are my first 5 Steps to Improve Your Credit KNOW WHERE YOU STAND In order to solve the problem, you must first know where you stand. There are several places online that offer a free estimate of where your score is (most popularly www.creditkarma.com). Visit Annualcreditreport.com to pull a report from all three bureaus. Although you wont have a score, you will see the things that are reporting and things you need to address and have possibly disputed. START TO BUILD YOUR CREDIT HISTORY While removing bad or inaccurate items off your reports are helpful, they wont necessarily make your score rise. You have to maintain and have all credit accounts in good standing. The easiest and best type of credit to get is a revolving credit or secured credit card. They usually report monthly to all three bureaus and if used correctly will lift your score. The biggest rule of thumb is to keep every balance under 30% of the available limit. RESEARCH CREDIT OPTIONS AND DON’T JUMP AT FIRST OFFER Just because you get a card offer, don’t just accept. Most people don’t read the fine print of the card info. Be careful to see what the...
6 Things To Know Before You Become A Landlord

6 Things To Know Before You Become A Landlord

Real estate is one of the most trusted and surest ways to gain wealth. Everywhere we go is Real Estate, and we are always on somebodies property. Being a Realtor, I held many buy property and often help first time buyers become landlords. This is a great thing to do and can save and make you a lot of money, and sometimes result in you living rent and mortgage free. Its not easy of course and will take patience and being in the know. Here are 6 things to know before becoming a landlord. Buy Locally It may seem pretty obvious but sometimes, ones hometown isn’t the best place to own a multi-family home. You want to be able to be within reasonable driving distance to the property so that you’re not going out of your way to visit it. Know Landlord laws Knowing what you’re legally able to do is often an overlooked step. While you may have experience dealing with a landlord, that’s not enough to handle a new tenant relationship. Knowing the laws and loopholes of this business relationship will keep you in the clear and out of court. Your local laws are located on this site. https://www.jud.ct.gov/lawlib/law/landlord.htm Enforce timely rent payments This is another overlooked thing. The best way to go about this the right way would be to possibly list a late fee to rent in the lease. Keep in mind this is business, so regardless of a friendship developing, rent still is late after the 10th. By all means, keeping a good relationship can be done and while being firm on when payments are...
5 Improvements That Can Increase Your Home Value

5 Improvements That Can Increase Your Home Value

The value of a home is always something important that the owner should constantly work to maintain and increase. Whether you’re looking to stay in the home for 5,10, or 20 years you should always do things to increase the value of the home. Some people often don’t know the things that directly add value to a home. Here are 5 improvements that increase the value of a home. New Kitchen The place that will usually draw a buyer to a home is the kitchen. The newer and shinier, the more appeal the home will have. If you don’t have the ability to overhaul the entire kitchen, start with little projects and go from there. Starting with new fixtures, flooring, appliances, and paint can change the entire look of that kitchen. While cabinets and counter tops may be huge renovations, saving for them over time will defray the cost and make things easier. Bathroom Updates While its usually the smallest room in the home, it can possibly have the biggest impact. Just like in the kitchen, starting small is the best plan of action. Changing the vanity, paint color, or fixtures can update and change the entire look of the bathroom. Being that the bathroom is small, laying new flooring wont break the bank and will change the entire scheme of things in the bathroom. Another thing to possible consider if you have tiling would be to re grouting the tile may be a very inexpensive option. Lighting  The brighter the space appears, the bigger it feels and seems. If you’re listing the home for sale, you want that...

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