Tuesday, December 18, 2012

Getting Ready

Before you begin selling or even looking for the home of your dreams, there are a few things you should do first.  Total preparation will help make the home selling and home buying process smoother and much more efficient.

Organize Your Finances

- Get a free credit report

- Make a household budget.  Figure out where money is coming and going.  You will need to know you income vs. you debts.

- If you haven't spoken to a mortgage professional yet, you can do he/she a favor by starting to gather the following items:

   - 3 years of income tax returns
   - Bank statements for the past three months. ALL PAGES!!
   - Current copies of pay stubs
   - Records of past derogatory credit issues that have been resolved (if need be)
   - Also, proof of supplemental income (if need be)

- If there has been a recent divorce or a bankruptcy, the lender will need to see all of those documents as well.

- And last, but not least, pay off minor debts and do not incur new debt (don't buy anything for the new house!)

Shop your loan according to your profession

There are several loans that may be specific to your area.  For example, here in New Mexico there is a loan that some qualify for that helps the buyer with down payment called NMFA.  You should be aware of such programs.  The best way to educate yourself is to speak with a mortgage professional like Mariah Trujillo at Legacy Mortgage.  These professionals are KEY to getting the best programs possible for you.

Call if you need home buying or selling help!

by Tim Fish
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