The increase in housing demand has created a Sellers’ Market; this being the case, it is extremely important that buyers are prepared when they decide to buy in 2014! In order to compete in a seller’s market, buyers need to have their ducks in a row and look as strong as possible to a potential seller. Buyers—Be Ready!
The following are some great tips for being ready to move when the right property becomes available:
- Get Prequalified – Choose a lender so you know how much you can afford to buy. Complete a loan application so the lender has all of your pertinent information. Consider all loan options available; FHA, VA and Conventional. Discuss the pros and cons of how much of a down payment you will need with your lender so that you are educated going into the buying transaction.
- Review Your Credit Score – Have a mortgage lender check your credit and discuss your credit score with you. Often an increase in credit score by 10 points can make a huge difference in your interest rates. Discuss possibilities to increase your credit score with your lender. Some increases can be accomplished in 72 hours.
- Get Documents in Order– Locate your previous years’ W-2s and tax returns. Start saving paystubs and bank statements.
- Review Bank Statements for Large Deposits – Lenders will require any large deposits that aren’t income-related to be documented with a paper trail. Sold a car recently? Received a gift from a family member? Make sure that you have the necessary documentation to support any large deposits.
- Find a Great Real Estate Agent– Not all agents are created equally, so it is important to find an agent that you feel comfortable working with! Call me at (214) 609-7123 so that we can set up a no obligation consultation. That way, we get to know each other and make sure that we will be on the same page.
HAPPY HOUSE HUNTING!!