Get Ready to Buy a Home This Spring

Real Estate News Article

< Back

Get Ready to Buy a Home This Spring

Written By: Poli Mortgage Group
Wednesday, February 12, 2014

Are you hoping to buy a new home this spring? If youre thinking about making a move, there are a few things you should start working on right away.

  • Credit score. Your credit standing is not only vital to securing a mortgage loan, it can also affect the interest rate you qualify for. If youre unsure of your current credit standing, check it for free annually with the three major credit reporting bureaus: TransUnion, Equifax, and Experian. Just dont check more often than necessary, because your score can be affected by multiple inquiries.
  • Down payment. Conventional wisdom suggests that 20 is the magic amount when it comes to a down payment, but this can vary depending on the type of mortgage you are looking for. Government loans such as FHA or VA typically carry a lower or no down payment, and there are other factors which can also affect the amount you are expected to pay up front. Having a sizeable down payment in the bank up front is never a bad thing. Its important to note that if you dont put 20 down, you must pay for private mortgage insurance PMI to help protect your lender from the risk of a loan default..
  • Full pre-approval. Getting pre-approved for a mortgage loan can take a lot of weight off of your shoulders when it comes time to make an offer on a home. Pre-approval is not the same as pre-qualification, which is me>
    In order to protect themselves from a lack of financing, many homebuyers choose to include a financing contingency in their purchase and sale agreement on a new home. If you have a pre-approval in hand, it can still take time to actually secure a mortgage loan particularly now, as loan requirements are stricter than in the past and paperwork may be more time-consuming. Including a contingency that will allow you a certain number of days to actually secure financing is still a good move, just to be certain youll have the money you need when the time comes to close. If you dont secure funding from your lender within the specified period, you have the safety net of asking for an extension or terminating the contract altogether. Better safe than sorry.

Mortgage rates are on the rise, but still very favorable, in fact they are still in a range of all-time historic lows. In order to get your pre-approval all squared away talk to your loan officer soon so that youre ready to put an offer on the table when the spring home buying market heats up.





Copyright© 2018 Realty Times®. All Rights Reserved

Updated: Saturday, August 18, 2018

6 Surefire Ways To Get Your Ho...
Were coming to the end of summer, and that means that families seeking to buy a new home bef...

Mortgage Broker Qamp;A...
1. What does a mortgage broker do“A professional mortgage broker originates,...

There are Different Kinds of C...
A large number of American homeowners now live in a community association. But do you know t...

Copyright ©2018Realty Times®. All Rights Reserved

Housing Rebound: Factors to Consider
In Miami we have had an incredible year of growth with an ever shrinking supply of condos...

Hoteliers Buy Versace Mansion at Auction
Gindi Family and Nakash Family of New York were the winners of the auction for Casa Casuarina...

Stunning Estate for Sale on Allison Island
Allison Island is one of the man made islands comprising Miami Beach. One half of the island...

Avant Garde and Luxurious Penthouse on Fisher Island
Fisher Island is home to some of the highest net worth individuals in Miami. It is a private...

6000 Indian Creek, Condominium Spotlight
6000 Indian Creek is a Sieger Suarez project that was completed in 2007 and consists of...

$35 Million Buys you THIS on Star Island
$35 Million for a home on Star Island is par for the course in Miami Beach real estate....

Development Update
It is looking like a dusty winter season in Miami, with all the construction rapidly underway,...

North Bay Road Charm, 4330 North Bay Road
4330 North Bay Road is a stunning example of Mediterranean architecture in Miami Beach....

Best Home Improvements for Resale Value
It could not be a better time for a homeowner to list their home for sale in Miami. The...

Biscayne Gets a New Development
The Melo Group of developers acquired 601 NE 23rd St last year and have conceived of 23...

520 West Ave Residence 2301
520 West Avenue is home of the Bentley Bay. Bentley Bay is comprised of two modern towers...

Spice 2013, Guide 101
Miami Spice is a program whereby most of the restaurants in the city encourage people to...

Hollywood has a New Hotel
Margaritaville Hollywood is coming to Hollywood Beach and is likely to completely alter...

Sustainable Waterfront Home on Normandy Isle, 1.85 Million
Rarely on the market do we find completely sustainable, off the grid, homes in Miami Beach....

Housing Inventory on the Rise at the Close of Summer
The Wallstreet Journal released numbers via Realtor.com regarding the inventory of available...

Warm Spanish Style Home Listed on the Sunset Islands
1844 W. 23rd Street is listed on the Miami Beach luxury real estate marketplace for $11...

Former Gansevoort Getting Complete Eco-Renovation
Last year the Perry Hotel, formerly the Gansevoort, was purchased for $230 million. The...

Affordable Luxury Waterfront on Hibiscus Island
A home that is considered affordable in Miami terms for waterfront is generally between...

Bart Reines New Masterpiece Released on the Market
Bart Reines is one of the worlds most impressive modern architects living, and he has just...

New Listing on La Gorce Island
98 La Gorce Court has just been listed for sale. This over 7800 square foot home with 8...