Posts with tag 'first time home buyer'

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So, you're getting ready to buy your first home, and you feel like you're at the mercy of the market. And your mortgage lender. In some ways, it might even feel like they're working against each other - especially if you're in a really hot market in which you can't qualify for the amount you'd need to buy what you want.

When it comes to providing pre-approvals for would-be homebuyers, lenders today are more careful than they were in the years leading up to the market crash, and that means your financial picture will be more rigorously scrutinized to determine your credit-worthiness and develop your max approval amount. Trust us, that's a good thing. The last thing you want is to be house poor. Having a great place to live that you can't enjoy or furnish or even leave because you have no money left won't be fun.

Just because a lender says you...

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Homebuyers make a lot of mistakes that hurt their chances of getting a mortgage pre-approval from their lender. You don't want to join their ranks and sabotage your home purchase.

To find out what those missteps are, we talked to two lending experts: Casey Fleming, a mortgage advisor with C2 Financial Corp. in San Jose, California, and Heather McRae, a senior loan officer with Chicago Financial Services in Chicago.

Here are the six common mistakes they see borrowers make — and tips to avoid them:

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Found a Home Listing You Like? Watch Out for These Warning Signs

As the summer real estate season rolls on, true to form, more and more homes are listed and competition remains stiff. Another thing you can rely on – a seller and their agent are going to paint the home as beautifully as they can to secure a sale. But if you're looking to buy, you have to be careful you don't fall for such crafty salesmen tricks.

Pay attention when you visit a home and do your own careful inspections to look for any signs that the house you're walking around in isn't the home that's being promised by the Realtor. Here are four key warning signs to keep an eye out for that will tell you the home listing isn't all it's cracked up to be.

#1: Cracks in the Foundation

If you or your profess...

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Ready to purchase your first home? Though the process may seem overwhelming, knowing where to start is half the battle. Follow these five tips to help ease your stress and prepare for a smooth home buying experience.

Clean Up Your Credit Score

Having good credit is one of the most important factors when qualifying for a loan. Depending on where your score stands, it may take six months to a year to improve your credit. Although scoring requirements vary from lender to lender and there is no magic number that qualifies you to purchase a home, a low score could mean higher interest rates and fewer mortgage options. Check your credit early and make a financial plan to increase your number. A mortgage professional can pull your credit for you and create a plan to improve your score.

Evaluate Your Monthly Cash Flow

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