|YOUR HOME BUYING RESOURCE
Over the past decade, I have assisted many buyers into a home of their choice. All buyers have a reason for moving, though this reasons have remained the top of the list my clients have chosen the homeownership route, they are tired of renting, needing more spacious home, relocating to DMV area, wanting a quality education for their children and residing closer to work for less commuting time.
PHASE 1 - VISUALIZE HOMEOWNERSHIP
In real estate, location is a huge factor in deciding where to live. Will you choose Northern Virginia, Maryland or DC? Will you sacrifice or be willing to comprimise for more space, easier commute to work or education essential for your family?
What type of home are you looking to buy? Based on your budget and qualifying amount, are you willing to change from a single family as your first choice to a townhome or from a townhome to a condominum?
Do you need live near a bus route, Metro, MARC train or VRE station? Ask me to create a custom home search for you. Do you have an address and need to locate the school district- click here
PHASE 2 - REVIEW CREDIT & CREDIT SCORE
Understanding how credit works is essential part of you getting into your home. If you have recently pulled you credit report, the score that you have been given is called a VantageScore.
The score that a mortgage lender uses is a FICO score. The scores may vary up to 20 points. 20 points could be an approval or denial in a pre-approval. Learn more about how credit works, click here
PHASE 3 - ASSESS BUYING POWER
How much do you owe to creditors on a monthly basis? Having high debt could cost you an extra bedroom or the garage that you desire. Learn more about debt to income ratios, click here
Employment history is another essential element. Your employment and salary will have to be verified as part of your approval process. Stable employment is required to obtain a mortgage loan. You will need at least 2 years.
It's important before you go to a lender to understand the different mortgage programs available to you based on your income, credit and debts. Did you know...a down payment of 20% is not required to buy a home! Many home buyers are unaware of mortgage programs available to buy a home. In the Washington Metro area, there are mortgage programs for 1st time home buyers, down payment assistance programs for Veterans, 100% financing options for Doctors, move up buyers, loans to remodel a home and turn into your own HGTV special. To learn more about your options, click here
Closing costs are the total closing fees and down payment amount together. The final amount that you are responsible to bring to closing will be given three business days prior to you closing on your new home. If you do not receive this you will not close on your home on time. Ask me for an estimate of how much you may need when you buy a home.
PHASE 4 - FINDING A HOME
Are you in a rental lease? Do you have to sell a home and buy a home at the same time? Let's have a consultation to discuss your personalized timeline of when you should being the home buying process to make it a smooth transition.
Let's see where you are in the buying process and set you up to buy a home! Go to SCHEDULE AN APPOINTMENT