I am totally focused on
my client's needs, and I
work to realize their
dreams as if they were
my own.
Lynda Dash
my client's needs, and I
work to realize their
dreams as if they were
my own.
Lynda Dash
| Lynda Dash |
THE DASH TEAM, INC & |
| BUYER TIPS |
""The Dash Team made our
Home Buying Process Easy
and we got $$$ back."
Darlene Bailey
Home Buying Process Easy
and we got $$$ back."
Darlene Bailey
WHAT PRICE HOME CAN YOU AFFORD? Most people use financing of one type or another to buy a house. My advise is to speak with a lender who will "pre-qualify" you. Pre-qualify means determining the exact price of a house you can afford, based on the amount a lending institution will approve for your mortgage. There are specific requirements and limitations set by the government regarding the source of your down payment and the amount you qualify for. Although these requirements are set to protect you, the consumer, many times they may limit your purchase. For this reason it is smart to find out all the requirements PRIOR to shopping for a home. HERE ARE SOME WAYS TO COME UP WITH A DOWN PAYMENT ON A HOME. 1. SAVE - it sounds so simple, and it is. Put aside a certain amount of your income each pay period. Have a plan and be patient. 2. SELL YOUR ASSETS- Do you have a boat or some other personal property you can sell to raise money? 3. GET A GIFT - Maybe your parents can afford to give you money for a down payment. 4. BORROW AGAINST ASSETS - If you borrow money against a 401K plan, a profit sharing plan, or a life insurance policy, the amount you borrow may not be considered a liability. It is a way to put the "cash value" of one or more of these plans to work for you NOW. 5. GET A VA LOAN - If you are a veteran, you can buy a home with a VA-guaranteed loan and not have to worry about a down payment at all. There is none. |
WHY YOU SHOULD NOT MAKE ANY MAJOR CREDIT PURCHASES. Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300 / month, could mean that you qualify for $30,000 less in a mortgage. Even if you accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend. IMPORTANCE OF INSPECTION As a Buyer, you should know exactly what you are getting when you purchase your home, you are entering into one of the biggest personal investments one can make. An inspection is an opportunity to have an expert look closely at the property and give you a written opinion as to its condition. When you present your offer an inspection should be written in the real estate contract as a contingency; if you do not approve the inspection report, then you don't purchase the home. |
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