Smart Buyers: Smart Tools!

The process of buying a home can be boiled down to three basic steps: 1. First you qualify for the amount of money you will need to borrow (credit approval) followed by 2. Finding a property you like and can afford, and 3. The final step of  'closing' which brings everything together and you get the keys. While this may sound easy, there is a lot of paperwork and communication required along the way. 

 All banks and lenders now observe 'safe and sound lending' practices. These guidelines are not new; but they are more regulated. It's all good ! Everyone wants to be sure you are informed of all you consumer rights while making such a big financial decision.

 Before you even start on the Credit Approval process, it's a great idea to put things into perspective. For example, what  are you now paying for rent and what do you think you could afford for a house payment? Have you established good credit habits? Is your employment history stable?

 Fortunately with all the new regulations have come a lot of great new tools to help you understand how to get "Mortgage Ready". Smart shoppers have many resources. The Consumer Financial Protection Bureau is a great first stop: Know Before you Owe 

 Freddie Mac (one of the two largest mortgage investor) offers free online CreditSmart® mini-courses to walk you the process step by step. 

 And don't forget your smart phone while you are out shopping!  Here are three free Real Estate aps to customize your home search. Redfin, Zillow and Trulia. 

 There are also some great free mortgage payment aps (I use one called Mortgage Pro) and several to help you track your spending and improve your home budgeting. So try out the latest tools on your ap store and you'll be well on your way. 

 And while you are at it order your own Free Credit Report to find our where you stand. A new credit scoring system in the works designed to make it easier to understand and improve your 'credit score' - so check for updates.

 Your lender will be very impressed by your knowledge and believe me, your loan closing will go much more smoothly. 

 Happy learning!

© 2015 susan templeton

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