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Home Buyers Check List Video #1 of 5

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

This is our first video of our February topic the Home Buyer’s Checklist, things you need to do before buying a home.  Below is the full Home Buyer’s Checklist.  Today we discuss the first two bullet points: Credit Reports and paying down current consumer debt.  If you want me to talk about a certain topic in the future please email us.

Home Buyer Checklist

  • Get a copy of your credit report and correct any errors
  • Reduce your consumer debt – pay down credit card balances.
    • Pay off the debt with the highest interest rate first.
  • Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
  • Can you afford the down payment (FHA 3.5%, conventional 5-20%)?  Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
  • Get familiar with basic mortgage terms
  • Shop around local and national banks for best rates and programs.
  • Get pre-qualified for a mortgage loan
  • Research neighborhoods that you want to a house (drive & online)
    • Location, schools, crime, etc.
  • Interview real estate agents who specialize in the neighborhoods where you want to buy a house
  • Get pre-approved for a mortgage loan
  • Visit homes and make notes/pictures
  • Once you find a house you like, have your real estate agent determine the price you should offer.  Look at comparable houses the sold in the last 6 months.
    • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
    • If your house is dated you should offer less than a newer renovated home.
  • Have real estate agent write the offer
  • Complete all mortgage loan application requirements
  • Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
  • Get agreement on repairs to be made by the Seller
  • Inspect repairs and handle other details prior to closing day (settlement).
  • Hand over a certified check for the down payment and pick up the deed for your home.

Today’s videos discuss the first two bullet points:

Get a copy of your credit report and correct any errors

-First, go online and get your credit report, most websites out there you can get them for free or for minimal costs. Your credit report contains information about where you live, how you pay your bills, and whether you’ve been sued or arrested, or have filed for bankruptcy. Credit reporting companies sell the information in your report to creditors, insurers, employers, and other businesses that use it to evaluate your applications for credit, insurance, employment, or renting a home. The federal Fair Credit Reporting Act (FCRA) promotes the accuracy and privacy of information in the files of the nation’s credit reporting companies.

Some financial advisors and consumer advocates suggest that you review your credit report periodically. Why?

-Because the information it contains affects whether you can get a loan — and how much you will have to pay to borrow money.

-To make sure the information is accurate, complete, and up-to-date before you apply for a loan for a major purchase like a house or car, buy insurance, or apply for a job.

-To help guard against identity theft. That’s when someone uses your personal information — like your name, your Social Security number, or your credit card number — to commit fraud. Identity thieves may use your information to open a new credit card account in your name. Then, when they don’t pay the bills, the delinquent account is reported on your credit report. Inaccurate information like that could affect your ability to get credit, insurance, or even a job.

Reduce your consumer debt – pay down credit card balances.

-there are a few steps you can take to start paying down your credit cards and debt. 1- Pay more than the minimum balance and pay off the debt with the highest interest rate first. 2. Look at all your credit cards, if one has a lower interest rate than the other, look into transferring some of your higher interest rate credit cards to the lower one if you haven’t reached the maximum limit. Also, look into your savings account, borrowing from your 401(K) or life insurance or a home equity loan.

If you want referrals for a credit repair person please email us for recommendations.  Contact a real estate professional before you decided to sell. If you are in Pennsylvania contact me at www.CMTrealestate.net.

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contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!


February 5, 2013 - Posted by | Uncategorized | , , , ,

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