Taking a Leap on Leap Day

Imagine how cool it would be if you were buying a home today, on Leap Day! We don’t know too many people who celebrate buying their home every year, but making it a Leap Year celebration every four years? That would be pretty special.

Leap-Day-Ideas

If you’re not ready to pull the trigger today, buying a home is just about as affordable as it’s going to be in the near future with mortgage rates still hanging around record lows. Today is still a great time to “take the leap” and take action on a number of the financial items associated with getting ready to buy…

Collect and Organize the paperwork needed to apply and get pre-approved for a mortgage. Check with your mortgage professional for everything you need to collect in addition to the standard 2 years tax returns and current pay stubs and bank accounts.

Check and monitor your credit. You can get the only authorized free annual credit report as provided by law here>>.   Make sure you check it for accuracy and follow the tips on the website.

Review your Savings Plan and make sure you are on schedule to meet your savings goals. While it’s true you can get a FHA mortgage for as little as 3.5% down, remember that the more you put down the less your mortgage will be and you’ll save thousands over the course of your loan in interest. Additionally, with 20% or more down you won’t have to pay mortgage insurance which is another big savings.

Pay off or down credit card balances as the interest rate on credit cards can sometimes be more than 20%! There is also an income to debt ratio that is required to qualify for a mortgage and the less debt you have the more home you are going to qualify for.

Get Pre-Approved! These days you absolutely positively have to be pre-approved by a reputable lender to make an offer on a home. And you can’t just stroll into the bank and get it done in one day. Getting pre-approved will let you know exactly how much of a mortgage and home you qualify for as well as make your offer complete and give it a legitimate chance of being accepted.

We can help you with the house buying part of the equation – that is our passion – and we have a list of highly professional and competent lenders to choose from if you don’t have a trusted mortgage advisor already.  Reach out, we’re ready to help you today, on Leap Day!

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About CarolSawdey

I'm a Broker/Realtor in the San Ramon Valley. A trusted advisor in the local community: We help people buy and sell homes. We counsel them thoroughly. We negotiate to their advantage. We keep their stress to a minimum. And we love what we do!
This entry was posted in Homebuying, Homeselling, Investment Property, New Construction, Real Estate Market and tagged , , , , , , , , , , . Bookmark the permalink.

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