To the uninitiated home buyer, the process of becoming a homeowner can be daunting. But don’t let these cautions deter you from embarking on one of the best financial investments you might ever make.
Connect up to a local experienced Real Estate Agent and Lender to help you navigate snags that can cost you a purchase or trap you in a nightmare. Keep in mind a few common sense recommendations:
- Line up your financing BEFORE you head out to look for property. You might want a million dollar house, but in reality, you can only afford half of that house. Spare yourself the disappointment and save yourself and your agent time and energy.
- Choose a reputable mortgage lender. Your real estate agent can help you with recommendations. If you have credit issues, Sun Pacific Mortgage can help you with a Hard Money Loan.
- Get pre-qualified, not pre-approved. Pre-qualification gives you a written commitment for financing up to a given amount that is good for up to 120 days. This will make your offer have greater weight when your agent presents it to the seller. To make an even stronger offer, consider Hard Money as a financing option if your offer keeps getting turned down.
- Don’t lowball your offer. This only insults the seller and in a seller’s market, where we find ourselves presently, it can kill the deal. Your agent will give you comparable data to justify a legitimate price.
- If you or your agent feels writing a personal letter to accompany the offer is a good idea, stick to the facts about the house that appeal to you. Don’t overshare.
- While you are in escrow refrain from making any big purchases because this may cause you to lose your funding by negatively impacting your debt-to-income ratio. This is less of a problem for Hard Money loans so if you do get turned down at the last minute by your Lender, always know that Sun Pacific Mortgage is here to help get you fast financing.
- Remember there will be closing costs. Buyers and seller typically share the cost of these, but buyers shoulder the bigger burden. Be sure to budget for these fees that your lender will disclose to you.
And remember, just because you have bad credit, the property is not pristine or you want to buy another home while waiting to sell your current house, does not mean you cannot qualify for a loan. Sun Pacific Mortgage has been in the business of handling these types of situations for almost 30 years and have many happy clients as a result. Please call us at 707-523-2099 to begin your journey toward homeownership!