Over the next 12 weeks, this blog will focus in on the many parts of purchasing a home. We know that purchasing a home—whether it be your first or your fifteenth—can be stressful and confusing.
But it doesn’t have to be! We help people buy homes all the time! This series explores and explains the typical roadmap to purchasing a home. Some steps are more cumbersome than others, but if you know what to expect you won’t be taken off guard if (and when!) complications arise!
In this series we’ve covered a bird’s eye view of just about everything you need to know when you’re ready to purchase a home. From pre-approval to the home search process to the complications of closing, we hope that you feel more comfortable in your purchase despite how daunting it may seem.
Our final installment will cover a few odds and ends that we didn’t cover in previous postings. And, as always, if you’ve got more questions or simply want to get more in-depth on any aspect of this series, please call us at our main line. We’d love to help!
First thing to remember is that there are always bumps in the road. Every real estate transaction comes with its unique issues, but our agents have seen a thing or two, so they won’t be taken off guard when the unexpected happens. Even nation’s top real estate team isn’t without its issues. Our ultimate goal is to get you into your dream home, so rest assured we’ll work our tails off to make your transaction as smooth as possible.
Second: when you’re seeking pre-approval, be mindful of how your spending effects your credit score. Credit bureaus use an unpublicized formula to crunch your credit history down into a single credit score. Inquires, such as buying a new car or having multiple inquires, within 30 days of a mortgage application does have an impact on your credit score. Too many inquiries on your credit or making sizable purchases could jeopardize your chance of pre-approval, so watch out.
On the subject of credit scoring, all of the credit bureaus understand the complex timing of getting a mortgage. Therefore, they have instituted measures to avoid reflecting pre-approval inquires on credit reports. For instance, if you are shopping around for the best rate, and several mortgage companies make credit inquiries about you within 30 days of each other, all of those inquiries will be bundled into a single event with a miniscule effect on your credit report. Your credit report also does not include any credit inquires made within 30 days prior to your loan application.
Our professional recommendation is to talk with a few lenders and choose the best one. We would be happy to connect you with one of our preferred lenders. Since there are many formulas by which credit bureaus can calculate a credit score, it is important that you work with a mortgage lender who can help to ensure you can get a mortgage without any unforeseen problems.
That’s it for this week! We hope you’ve enjoyed this series. Please share with whomever may be buying a home soon. As always, reach out through call, email, or text if you’d like to set up a buyer (or seller!) consultation. If you have concerns or questions that we didn’t touch on in this post, give us a call!
The Better Buyer Series
- Searching for a Home
- Costs Associated with Buying a Home
- Putting an Offer on a Home
- Binding Contracts
- Due Diligence
- Finance Contingency Period
- Things to Remember