Is buying a home or an investment property one of your 2016 New Year Resolutions?
In my ask an expert series, Neil Christiansen, mortgage lender with Citywide Home Loans prioritizes the 5 things you need to do so you can buy in 2016.
1. Contact a mortgage professional at least 1 month prior to driving around and looking at homes. This applies to ALL buyers: whether first time, move-up buyers or investors.
2. If under contract, DON’T mess with your credit – it seems so simple to say but hurts and in some cases kills deals all the time. (Wait until after closing to buy that BMW i8.)
3. Don’t trust all home search sites. Since the majority of potential buyers start their search online it’s important to understand the source and how they get their information. It’s best to reach out to a local professional REALTOR® to get up-to-date information.
4.Save, save, save! Although there are down payment assistance programs available, cash is king! Having 5% of the purchase price in a liquid account not only helps win the deal but the additional assets help with approval rates from Fannie Mae and Freddie Mac.
5.When searching condos or townhomes check to make sure the project is approved for FHA and Conventional financing. There seems to be several projects who haven’t updated their approval status with either FHA or Conventional agencies. Spending your time on a property that isn’t approved can wreak havoc and the initial approval and eventually kill the transaction.
Follow these 5 actionable steps and be ready to buy in 2016.
If you have any mortgage questions please let me know, I’m here to assist. Neil Christiansen, Branch Manager with Citywide Home Loans, Neil.Christiansen (@) chl.cc or 303.431.1588.
As your REALTOR®, I will guide you through the home buying process. Let me help you find your new Denver home. Call me today at 720.675.7355 or email me at donnahansenion (@) gmail.com.
Author:Donna Hickey Hansen Phone: 303-949-3393 Dated: January 5th 2016 Views: 674 About Donna: As a Realtor and real estate investor, I love finding first time home buyers, move-up buyers and inv...
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