My New Blog

Everyone asks the same questions when it comes to buying a home. The tips I am going to provide should help alleviate some of your questions.  If we miss anything just call or email and we be happy to answer your questions more in details.

When looking for a home the first question should be "how good is your credit history". Basically, since you pay the bills you should know if you have been late on bills or have collections and judgements. The way to find out is to apply through annual credit report.com. If you want your credit scores it will cost you. However, you can obtain your credit scores at www.loansbyallied.com/creditscore for only $17.96 single or as a couple $29.36.  If you have any derogatory information that you feel is incorrect you need to dispute the information. Misinformation can hurt your credit scores by at least 30 points if not more.  

The next step is to look at your finances. Look at your savings in all accounts.  These accounts are savings, checking, 401K's, IRA's, personal stock funds.  Do you have at least $10-15,000 saved?  The reason for the larger amount is to have enough money for 2-3 months worth of mortgage payments including your down payment, home inspections, pest inspection, application fees and closing costs.  Once you have calculated your savings and available funds now its time to start looking for a home of your dreams.  Before you contact a realtor or other real estate professional contact a Mortgage Banker such as Allied Mortgage Group.  At Allied Mortgage Group, we can get you pre-approved and not pre-qualified like so many of our competitors hand out.  When meeting with your professional loan officer at Allied Mortgage Group, bring the following items: the last 2-yrs of W-2's from all employers, the last 2-3 months including current bank statements with all the pages (blank ones included), 1 month of current paystubs, and letter of explanation for any derogatory accounts on credit history or excessive credit inquiries.  Being pre-approved is like having your personal banker in your back pocket.   You have buying power! With the pre-approval in hand now you can look for a realtor, who will work for you.

Next we will look at the different types of realtors and how to shop for a home of your dreams.