Our colleagues at Experian credit bureau, offer very sound advice for first time home buyers.
Experian maintains information on approximately 215 million U.S. consumers. They offer quick, easy and inexpensive access to your credit history. Many lenders use the Experian credit report to determine the FICO score of a mortgage applicant.
Every homeowner has been a first-time buyer in their life, so you're not alone. But buying a home is probably the largest purchases you'll make,
There is a very good chance that you will qualify for one of the numerous first time home buyer programs available. We work with lenders that specialize in programs for first time home buyers.
For more information please call toll free 1 866 711 4636 or go to:
www.goldmedalmortgage.com/firsttimebuyerloans
As good credit is the cornerstone for a lower mortgage rate, Experian credit bureau is in an excellent position to offer first time home buyer advice:
Renting vs. buying. If your job and family status are likely to be stable for the next few years, or you're planning on remaining in the same city, now may be a good time to consider buying. If you think you may need to look for work outside the area or want to have the flexibility to move on a whim, then put off homeownership for a while.
1. How's your credit? Your credit standing will affect the terms of your mortgage, so it's a good idea to try and strengthen your credit rating before applying for a loan. You can help do this by paying your bills on time, reducing your total debt load and avoiding any unnecessary inquiries to your report.
2. Pinch those pennies. Besides having to save for a down payment, other expenses such as closing costs, homeowners insurance, and more often seem to come out of the woodwork when you're purchasing a home. Most lenders will also want you to have a "reserve"–money left in your savings account after you've covered all the costs. Frugality now will payoff later when you're enjoying your new abode.
3. Tax advantage. Mortgage interest and property taxes are generally deductible. So, you may be making a larger monthly payment than renting, but remember to take into consideration the amount you're saving in taxes. See your tax advisor for details.
4. Weigh your options. Are there first time home buyer programs that may help you get into your first home sooner? Federal and state-backed loans may make it easier to qualify for a loan by offering programs with little or no money down.
5. Where do you stand? Pre-qualification or pre-approval of a loan will not only help you know how much home you will qualify for, but also will show owners you're serious about buying.
6. Location, location, location. Figure out what's essential to you, such as school district reputation, crime rates, convenient shopping areas, local parks or whether there are children in the neighborhood. Rank these qualities in order of importance. Focus only on neighborhoods that meet those criteria.
7. Is a condominium the right choice for me? Depending on your tax bracket, a condominium may be an affordable option for you. Although the market for condominiums is unpredictable, it may be a good way to get into the real estate market. But timing is everything. Entering on a market upswing will help you gain equity for your next home, while buying on a downswing could mean you'll be in that home for a while.
We can help you through the entire process to find your first home by calling toll free 1 866 711 4636 or E –Mail us at
camelot21@mindspring.com
About GoldMedalMortgage.com
GoldMedalMortgage.com is a nationwide home mortgage loan company powered by Desert Valley Properties and First Source Financial.
In addition to specializing in first time home buyer programs they offer a full portfolio of real estate loans. These include home improvement loans, home equity loans, debt consolidation loans and refinancing.
For more information please call toll free 1 866 711 4636 or go to:
www.goldmedalmortgage.com/firsttimebuyerloans
