Purchasing a home does not have to be an intimidating process. All you need is some help from Realtors and a trusted mortgage professional, who ensure that you will get the home of your dreams—the home where your family will live and grow and where dreams are realized.
Fred Arnold, a branch manager with American Family Funding has been helped clients attain over a billion dollars in mortgage loans over the last two decades. Fred’s belief is that if you help others achieve their dreams and goals in life you will achieve yours. Arnold was selected as the Mortgage Professional of the year by the California Association of Mortgage professionals in 2011.
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Fred Arnold Outlines The Steps Of Purchasing A Home
Purchasing a home does not have to be a difficult process. Arnold recommends calling a trustworthy and knowledgeable real estate agent to assure that you receive recommendations that caterer to your tastes. Make sure you call a trusted mortgage professional, like the experts at American Family Funding, and give them everything they ask for (paystubs, tax returns from the last two years, W-2’s, bank statements, K1’s) in order to get completely pre-approved (unless you are making an offer with cash).
This assures that you will have no loan contingency. If you don’t get pre-approved most sellers won’t even look at your offer unless it is cash. Also credit score has a large impact on whether or not you will be approved. The higher your credit score, the more likely you are to be pre-approved at the best rates available.
“Interest rates and cost on a loan are determined by credit score and down payment,” said Nokes. The Credit Gal emphasizes the need to pay down 30 percent of your credit. Instead of closing credit cards that have built up your good credit, use that card once a month.
The next step is to meet with your realtor and make an offer.
“Get completely pre-approved so there is no loan contingency on the offer… Give the best offer you can. Show your great credit score. Show that you have a down payment. Show that loan contingency isn’t an issue,” said Arnold.
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What To Do After You Purchase Your New Home
After you have purchased the home, update all your information with the mortgage professional. Make sure you fill out Escrow instructions and have inspections done by another third party. You Realtor will be best on advising you in these areas.
“I always recommend termite and home inspections. You can still negotiate repairs with the homeowner even after your offer is accepted,” said Arnold.
After the appraisal is completed and the underwriter Ok it along with a few other documents pertaining to the transaction and property your loan documents are drawn and sent to Escrow. You down payment is typically wired from your bank account at this time two to four days prior to closing the sale.
“During this process don’t quit your job, don’t make any large purchases and notify your lender of any financial changes in your life even if you this its insignificant, so that big screen TV purchase has to wait” said Arnold.
Arnold recommends the following after being approved:
- Get help from a real estate professional.
You should not be representing yourself when you sell your own home; you are emotionally attached to it. You need a third party for advice such as a trained, experienced Realtor
Realtors also have access to the Multiple Listing Service and will publicize that your house is for sale. The real estate expert will also help you stage your home. If you’re looking to save money by hiring a discount broker, remember that you get what you pay for.
- Protect your information.
- Make a reasonable offer on the home you want
“If an offer is too low, the seller might be offended and no even counter the offer,” said Arnold.
Real estate brokers have access to the Multiple Listing Service and will publicize that your house is for sale. The real estate expert will also help you stage your home. If you’re looking to save money by hiring a discount broker, remember that you get what you pay for.
Source: Santa Clarita News