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Congratulations on your decision to buy your first home. Owning a home is a wise investment. Building equity in your home provides financial stability that you cannot aquire by renting. And, you're probably tired of paying someone else's mortgage. The process of buying your first home can be daunting, and you probably have many questions. We can help you here, by hopefully answering those questions and get you on your way to that first home.
Getting pre-approved is the first step in the buying process. This is a simple process that we can accommodate with a short phone conversation. We take a brief "pre-qualification" application and submit it to a reputable lender. We typically receive a response from the lender within a day, with an amount that you are qualified to borrow. This will tell us the price range for the home to search for you. Your next step would be to immediately schedule an appointment with the lender to do a formal application. At that point, the lender will fully explain the loan program and inform you of all the down payment and closing costs, as well as monthly mortgage payments.
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Orlando Real Estate
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Or call Gene at 407-468-1100
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* A note here regarding CREDIT:
It's necessary here to understand that a lender loans money based on the home buyer's ability and likelihood of repaying the loan. Aside from your income(less expenses), the key determinate is your credit history. The fact that you may have had troubles in the past won't necessarily prevent you from obtaining a loan ... 1) if you either resolved the issue (paying off creditors) or 2) if at least seven years have passed and they have come off your credit reports. If it's been two years since you have had a foreclosure, repossession (and have satisfied the debt), or bankruptcy, you can qualify for a loan ... provided, you have had a clean credit record since filing. A bankruptcy is your one chance, but you then have to be careful to always stay current on all payments afterwards. In all instances, the lenders will want to see that you have had no late payments within the past 12 months. Beyond these issues, the lenders will look at your credit scores. Typically, lower scores may require going to a different lender that could charge a slightly higher interest rate, based on risk.
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We would recommend periodically obtaining your credit reports from all 3 credit bureaus (may all have different information) to always be aware of issues that may exist. Often, you will find items on your credit reports that don't belong to you ... dispute them and have them removed from the reports.
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