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Three Milestones Buyers Need Before Going to Showings:
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Thinking about buying a home? Here are three milestones you need to hit on the way:
1- Find your team of Real Estate Advisors: Pick a Realtor & Lender that you can trust. Make sure that they aren’t just salespeople trying to push you into buying a home. A true Real Estate Advisor will be your partner in the home buying process.
2- Once you pick your advisors, check your credit score: Nowadays, your bank has an app or an option in their regular app that provides a credit score. Your score will be an essential factor for what loan you can get. Our friends at Flagstar bank shared with us the minimum FICO® scores you need for the following loans:
- Conventional Loan requiring 20% down- 620
- FHA (Federal Housing Administration) loan requiring 3.5% down payment-580
- FHA loan requiring 10% down payment- 500
- VA (Veteran Affairs) loan- 580
- Renovation loans requiring 3.5% down payment: 620
If you need to increase your score, most apps allow you to see what you can improve. It can be as simple as paying more than the minimum amount on your credit cards, so your debt to income ratio gets better.
3- Boost Your Savings: Now that you know which loans you can qualify for, it’s time to plan for that down payment and closings costs. If you’re looking at purchasing a $300,000 home then your down payment will be: 3.5% = $10,000; 10%= $30,000; 20%= $60,000. Then for the closing costs (CC), which includes property taxes and insurance, averages about 3.5% of the home price. So with the down payment and closing costs, you’d be looking at $20,000; $40,000; $70,000. Fun fact, since Orleans Parish has property taxes due at the beginning of the year, your closing costs are much higher at the end of the year than at the beginning.
We know this is a lot of information to digest, but we believe transparency and preparedness are the keys to a successful homebuying experience. Many buyers think they don’t pay for their realtors, but the commission is wrapped up on the home sale price. On top of that, most first-time homebuyers aren’t aware of closing costs, and when they see the money they have to come to the table with, they feel discouraged and change their mind about buying a home. Don’t let that happen to you. We’re happy to chat with you about any questions you have and show you how the WiseMove Real Estate Difference can help you become a homeowner.
What’s the WiseMove Real Estate Difference? We only charge a simple flat fee to help you buy a home and use whatever is left over to help with closing costs or for repairs that arise in inspections. We’ve already saved clients over $2M, and we can’t wait to help you too!
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