Greg Mull - Summit Funding, Inc.
17 years of experience
Why we are able to deliver a great lending experience:
Our clients are able to enjoy the benefits of working with a mortgage lender that is powerful enough to be a direct endorsed seller/servicer with GNMA & FNMA. This means we process, underwrite, fund, and service your loans - All in house.
For our clients this means our customers are able to close on-time!
How to buy a home you can afford - 9 steps
1. Check your credit score and look at your cash flow.
Start by checking your credit score. "The higher your score, the better the interest rate on your mortgage will be," writes Ramit Sethi in "I Will Teach You To Be Rich." Good credit can mean significantly lower monthly payments, so if your score is not great, consider delaying this big purchase until you've built up your credit.
2. Have cash for a down payment
Technically, you don't always have to put any money down when financing a home today, but if you can't afford to put at least 10% down, you may want to reconsider buying, says Sethi.
3. Plan for the surprise expenses
Even if you can afford the monthly payment, be aware property taxes, insurance, and maintenance fees
4. Get pre-approved for a mortgage.
This way you know your Purchase Price and your able to write offers when you find a property you love.
5. Find the right real estate agent for you.
Look for a real estate agent who aligns with your goals. That's going to yield the best results for you,"
6. Start hunting for places within your price range.
Start off by determining your general needs — where you want to live, how many bedrooms and bathrooms you need, and certain school zones you're trying to be in.
7. Look at floor plans before going out to see the properties.
Don't be fooled by photos. When you're buying, you're going to make that space your own, so it's important that you physically see the floor plan and layout. Make sure the physical space works for you.
8. Put in an offer
If you've found the right one, make your bid quickly. It's not always the highest price offer that gets accepted. Sellers are really looking for certainty of close, so if you can provide the most certainty of close to that seller, they're more likely to accept your offer."
Save for a down payment with these easy tips
For most Americans, a down payment is the only thing standing between renting and owning a home. Although it may seem like a daunting task to save enough to get out of the renting cycle, there are some tricks to saving money quickly. Here are a few:
Develop a budget & timeline.
Start by determining how much you’ll need for a down payment. Create a budget and calculate how much you can realistically save each month – that will help you gauge when you’ll be ready to transition from renter to homeowner.
Establish a separate savings account.
Set up a separate savings account exclusively for your down payment and make your monthly contributions automatic. By keeping this money separate, you’ll be less likely to tap into it when you’re tight on cash.
Shop around to reduce major monthly expenses.
It’s a good idea to check rates for your car insurance, renter’s insurance, health insurance, cable, Internet or cell phone plan. There may be deals or promotions available that allow you to save hundreds of dollars by adjusting your contracts.
Monitor your spending.
With online banking, keeping an eye on your spending is easier than ever. Track where most of your discretionary income is going. Identify areas where you could cut back (e.g. nice meals out, vacations, etc.) and instead put that money into savings.
Look into state and local home-buying programs.
Many states, counties and local governments operate programs for first-time home buyers. Some programs offer housing discounts, while others provide down payment loans or grants.