Home- Buyers Do’s and Don’ts-

Home Buyers Do’s and Don’ts are  important for home buyers to know. It is important to keep in mind when looking for a home and especially when under contract to get the best rates possible.  It is very exciting to find the perfect home to buy and live in.  As a realtor it is important to have a good team to help home buyers own their dream homes. Realtors want to make your goals and dreams real. Which usually is the best house, for a great price with the best possible mortgage rates and terms. Since most home buyers get  mortgages, this is a huge part of the  home buying process. The home buying and closing process can be stressful, but with a good real estate agent and a good lender the process can be easier and help home buyers achieve their goals.  After all, the dream house does come at a price in the form of a monthly mortgage payment.  So, it is important to be very aware during the home buying process when you have purchased a home to be careful regarding how you spend your money and pay your bills. Make sure that everyone who has access to credit cards and checking account is aware of this. The better your credit the better your interest rate which of course means lower payments monthly. According to Brandy Johnson- GateWay Mortage, good credit it critical to obtaining the best interest rate and terms on a mortgage.

Credit Do’s and Don’ts During the loan Process  are top on the Home Buyers Do’s and Don’ts list

Home buyers do’s and Don’t List that has been compiled from and experienced loan officer:

• Do stay current on Existing Accounts. One 30 day late notice can cost you.
• Do Continue to use your credit as normal because changing your spending pattern will raise a red flag. Changing your pattern will raise a red flag and lower your credit score.
• Do call your mortgage professional before making and address or credit changes.
• Don’t apply for new credit. Every time you have y our credit pulled by a potential lender or creditor, you can lose points from your credit score. This includes co- signing for a loan.
• Don’t max out credit cards. Try to keep your credit balances below 30% their limit during the loan process. If you pay down the balances, do it across the board.
• Don’t consolidate your debt. When you consolidate your debt to 1 or 2 credit cards it will appear that you are “maxed out” on that card and you will be penalized.
• Don’t close credit card accounts.  If you closed out a credit card it may appear that your debt ratio has gone up.  Closing  card will effect other actors in the credit score, including credit history.
• Don’t pay off collections or charge offs. If  you want to pay off old accounts, do it though escrow at time the home closes. Request A “letter of deletion” from the creditor.

Keep these tips in mind during the loan process and always ask your lender first if you have any questions.  If you are looking to buy or sell a home please call Realty Center 407 970 4465, or email Pam Taylor, Real Estate Agent.

Realty Center located in Ocoee Florida across from Health Central. 10175 W. Colonial Drive, Ocoee, Fl 34761. 407 608 6900.