Buying a home is an exciting time – but there are some things we strongly suggest considering before beginning the search for a home.
1. Get pre-qualified/pre-approved for the loan. There is nothing worse than finding your ‘dream home,’ only to find out it’s simply not financially manageable.
2. Forgo any purchases which will add debt before closing on the home - and yes, that includes leasing a car. Sometimes adding just a new $100/month expense can throw the debt-to-income ratio numbers (DTI) out of whack, which could cause you either to not qualify for the loan or for the rate you qualify for to be higher than expected.
3. Strongly consider the ramifications of a job change. Lenders don’t like seeing someone at a new job applying for a home loan.
We love information: the Clark Group offers a free monthly Housing Trends Newsletter that provides a wealth of information on the real estate market including a regional and local view. You will also find current mortgage rates, including a chart of interest rate for the past week, month, year and 3 years. Subscription is free, so sign up to keep current!
Bruce Clark | BRE #01503471 | Coldwell Banker Residential Brokerage | 949.285.1207 | email@example.comBruce Clark