Homebuyer trivia that’s not very trivial
Did you know that there are special mortgage programs for those who serve their communities in such fields as medicine, education, the military, firefighters, emergency medical services, and law enforcement? Many of these programs offer relatively low interest rates and favorable credit terms. And they are frequently designed for first-time homebuyers.
To check your credit report and credit score, there are two essential websites: annualcreditreport.com and myfico.com
If your credit history is not great, try to improve it by paying bills on time, keeping credit card balances low, and refraining from opening new accounts. If there are errors in your credit report, correct them.
If you’re applying to get a mortgage, have all your financial information up-to-date and ready. You will need to verify your income and assets with pay stubs, tax forms, and bank statements.
Try to have a down payment of at least ten percent. No-down-payment mortgage loans are virtually extinct these days.
Be a comparison shopper when it comes to mortgage interest rates. Check regional banks, savings-and-loans, credit unions, mortgage bankers and mortgage brokers. Also ask your real estate agent to give you recommendations to check out.
It’s important to learn the difference between Pre-Qualification and Pre-Approval. They’re not the same thing! Also be sure that you understand the difference between a Conditional Qualification Letter and a Conditional Approval Letter.
About 60% of all houses are underinsured by 22 percent or more. This is not a good thing! The right policy will make sure that the homeowner has enough coverage to replace the home if it is badly damaged or destroyed. The policy should be switched or updated as time passes, replacement costs go up, and if the financial situation of the homeowner or the condition of the home changes.
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