If you believe you are coming close to the time to buy your first home, you'll want to be informed. It’s never too early to begin preparing for a home purchase. The more organized you are, and the better you have your financial situation in order the better off you’ll be when it comes to the home search. Where should you start? Below, you’ll find some key things that you can do to maximize your chances of finding and securing your first home.
Your credit score is one of the most critical pieces of your financial picture. A FICO score ranges from 300 to 850. The higher the number, the better off you are. When you’re getting a mortgage, you want to have good credit. If your credit score is above 740, you’ll be eligible for the best interest rates. If your credit score needs help, a higher score will get you the best interest rates available. Once you get your credit score, (It’s free to get through a variety of services.) aim to improve your score. Pay your bills on time. Use less of your available credit (target to use 30 percent or less of your total available credit.) The bottom line is that a low-interest rate will save you a significant amount of money over the life of your loan.
If you’re in the market to buy a home, it’s probably best for you to stay away from opening new accounts. Every store has their credit card and offers deals to open an account in store. While it could save you some money on your purchase, opening new accounts has a negative impact on your credit score in the short term. A car loan, for example, will also affect your credit score because it brings your debt-to-income ratio up, which can put a damper on your chances of getting a mortgage for a low-interest rate.
If you want to buy a home soon, you’ll need to save up a significant amount of money. These savings will go towards a downpayment, closing costs, and furnishing your new place. Every chance you get, you should be putting money away. Include gifts, bonuses, and any other income that’s outside of your average take-home pay.
It’s also a good idea to set up a second bank account dedicated to saving for the home. Set up an automatic transfer each month that will go into that account from your primary earnings. You can d this based on how your employer pays you.
Your real estate agent will be a crucial part of your home search. They will help in everything from finding the property of your dreams to negotiating the deal to sitting by your side at closing. You should do a bit of research to help you find a real estate agent who can assist you in finding the right property for you.
Ask family and friends for recommendations of agents. You can search for the real estate agent’s name online and see what kind of reviews the agent has and contact different agents. From there. You can make a decision.
Now, good luck with your home search!
Welcome to Long Island Living at its best! The South Shore of Suffolk County is a suburban area that runs along the shoreline of the Atlantic Ocean. Homes in this area consist of primarily residential properties. This area tends to be diverse in culture and income as it varies by hamlet, village or town. Residents along the South Shore have access to many beaches, parks and recreational activities. I pride myself on my honesty, integrity, hard work and personal service. My first career was in education, starting as a teacher then finishing as a guidance counselor and achieving my Master’s and two PD's. In 1986, I began my real estate career. In a sense, I am still an educator and offering guidance; this time I am outside of the classroom educating my clients on the selling and purchasing processes; which have become so complicated recently and guiding them safely through the confusing and ever-changing real estate market. It is very satisfying to me to help people with not only the greatest financial asset in their lives but their greatest emotional asset; where they celebrate holidays, raise their families and live their lives. I take the needs of my clients very seriously and as a result, I am proud to say, over 90% of my sales are the result of referrals and recommendations. Primarily, my areas of service are the Townships of Babylon and Islip on Long Island’s beautiful South Shore, near pristine beaches and wonderful boating, yet only 55 minutes from Manhattan; truly the best of both worlds. I'm a graduate of the Real Estate Institute and am certified as a Senior Real Estate Specialist. I also hold a license as a Notary Public. Please feel free to call or visit so I can help you fulfill your real estate dreams. I am a Full Service Licensed Real Estate Associate Broker and provide the following: Free appraisal Rental Mortgages International relocation services Sales Home warranty new homes Free school report Waterfront specialist Notary public Please feel free to call or visit so I can help you fulfill your real estate dreams.
For every sales transaction, a a portion of my commission will be donated to Pronto of Long Island, a nonprofit community outreach center who feed the hungry, clothe the needy and provide hope for our neighbors.
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