How to Deal with Financing

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DEALING WITH FINANCING

• Christy Wilkey Real Estate

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As the events of the last few years in the real
estate industry show, people forget about the
tremendous financial responsibility of purchasing
a home at their peril. Here are a few tips for
dealing with the dollar signs so that you can
take down that for sale sign on your new home.
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GET PRE-APPROVED
. . . . .
Sub-primes may be history, but youll probably
still be shown homes you cant actually afford.
By getting pre-approved as a buyer, you can save
yourself the grief of looking at houses you cant
afford. You can also put yourself in a better
position to make a serious offer when you do find
the right house. Unlike pre-qualification, which
is based on a cursory review of your finances,
pre-approval from a lender is based on your
actual income, debt and credit history. By doing
a thorough analysis of your actual spending
power, youll be less likely to get in over your
head.
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Sub-primes may be history, but youll probably
still be shown homes you cant actually afford.
By getting pre-approved as a buyer, you can save
yourself the grief of looking at houses you cant
afford. You can also put yourself in a better
position to make a serious offer when you do find
the right house. Unlike pre-qualification, which
is based on a cursory review of your finances,
pre-approval from a lender is based on your
actual income, debt and credit history. By doing
a thorough analysis of your actual spending
power, youll be less likely to get in over your
head.
. . . . .
CHOOSE YOUR MORTGAGE CAREFULLY
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Before you make an offer on a home, do some
research on the sales trends of similar homes in
the neighborhood with sites like Zillow. Consider
especially sales of similar homes in the last
three months. For instance, if homes have
recently sold for 5 percent less than the asking
price, your opening bid should probably be about
8 to 10 percent lower than what the seller is
asking.
. . . . .
DO YOUR HOMEWORK BEFORE BIDDING
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