More Home Buying Tips & Frequently Asked Questions

Having the best score is ideal, but knowing your credit is just as important.  Review your credit reports for errors and accurate information being reported to Equifax, Transunion, and Experian.  Dispute inaccuracies to reflect correctly on your credit report. Per the Fair Credit Reporting Act (FCRA), the three major credit bureaus : Equifax  Experian Transunion are required to provide the consumer a free credit report, per consumers request once every year. Request your credit report at annualcreditreport.com

Reviewing your credit report can help you better understand where your credit stands. If you are having trouble getting approved for a loan, find a credible credit repair company to assist you in getting on the right track and improve your credit or learn. Learn more  

How much do you need for a down payment on a home? This is a commonly asked question. The answer varies. For Example, If you are a first-time homebuyer you may be eligible to qualify for a FHA loan with as low as 3.5% of the purchase price of the primary home. Outside of FHA Loans, lenders can require 3% down payment and even up to 20% of a down payment or more. To learn more about down payment requirements talk to your bank or mortage lender about how much you need for a down payment for a home loan. Learn more about FHA

Before shopping for homes, it's important to know how much your home loan amount you are approved for and how much you monthly mortgage payment would be.  Being Pre-approved for a home mortgage will help you have more buying power leverage when competing with other homebuyers in the market.  Seller's in the real estate market today may require homebuyers to be pre-screened or pre-approved before reviewing or accepting an offer. Find a lender and get Preapproved for a home or Prequalified for home before you meet the home home of your dreams! Use a Mortgage Calculator to see how much of a monthly payment you can afford

Many real estate agents and realtors® are very in tune with the real estate market and neighborhood sales trends and buying a home is a big decision! Let a Real Estate professional do all the negotiating, suggest a competitive offer to present to the seller for their home, prepare and review the real estate sales contract, monitor the real estate transaction process to closing and after. Find a Real Estate agent or Realtor to assist you in finding a home and representing you as the buyer in the home buying process! Find a Realtor in your area

Time is of the essence! In a sellers market , sellers have more of a advantage with many buyers in the market and low inventory of homes for sale in the market.   When competing in a sellers market, it's always a good idea to have your agent suggest the best offer to make for a home.  It is very common in a sellers market, for a home to have multiple offers being presented to the seller.  Usually the seller will review all the offers and choose the highest and best. In many situations, the property goes under a multiple offers situation were offers usually go over the asking price.  Important to note,  It is extremely important that when you find the home that you have been looking for to always make a strong offer by offering your highest and best offer for the home as soon as possible. A low offer presented in a sellers market below asking price, can lead to your offer not being accepted.

Not that your offer has been accepted, it time to find a certified home inspector to conduct a inspection of the home . Most home owners insurance companies require a 4 point inspection that includes: HVAC Inspection, Electrical Inspection, Plumbing Inspection, and roof inspection or a general home inspection. Consumers have the discretion to make additional home inspections such as : Wind Mitigation inspections, Pest Control & termite inspection, Mold and Moisture Inspection, Sewer or Septic inspections, and new home construction inpections. Find Home inspectors and Reviews learn more

Now that you have a executed contract,, Finding the best insurance to protect your home & real estate investment is essential, especially in South Florida. Review deductibles an what the does the home insurance policy cover such as : Dwelling Protection or Dwelling coverage, Structural Coverage or Other Structure Protection, Liability Coverage or Liability Protection, and Personal Property Coverage or Personal Property protection. When choosing a home insurance policy you want to consider getting the best coverage based on coverage needed to rebuild your home or the cost of rebuilding your home vs. the purchase price of the home or the current market value of the home. In addition, protect your home by purchasing flood insurance policy.   Most Homeowners insurance policy do not cover flood, click here to learn more about flood insurance 

Underwritting a home loan or Home mortage usually takes time. Many lenders can take up to 30-45 days to close a loan. During the home loan process it is important to submit all requested documents needed to your lender as soon as possible. Most common requested documents from lenders include :  Last 2 years of your IRS Tax Return fillings, W-2's, 3-6 months of recent pay stubs, and bank statements or other supporting financial documents. Keep all parties up to date on the loan status and loan process to ensure a successful closing.