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My husband and I have now decided that it probably wouldn’t be a good idea (at the moment) to move to Florida next spring. We both have good jobs here and I have heard the economy is just as bad as it is here in Michigan. So, what are some things we need to do now so that we can be in a home by December? Keep in mind that our credit isn’t perfect.
Between the both of us, we bring home about 5K a month but for some reason we don’t budget well at all 🙁

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6 Thoughts on What are things that need to be tied up before trying to buy a home?
  1. Reply
    avinash k
    April 23, 2013 at 2:16 am

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  2. Reply
    blt830
    April 23, 2013 at 2:49 am

    You need to work on your credit. If you have anything that’s been turned over to a collection agency you need to get that taken care of. Start saving, you’ll need money for closing costs in the bank, lenders really like to see that. Things may be a little easier than they were when we bought our home but you’ll still need to work on your credit score. Good decision to stay put, it might be really tough in Florida for you. Good luck.

  3. Reply
    Tony
    April 23, 2013 at 3:15 am

    We just bought a home last year so I can definitely give you some advice. The first thing is to address your credit! That’s the number one determinant in getting a bank to finance you. Next, what is your debt to income ratio? If you have a lot of debt, definitely pay it off because if you’re over 41%, banks won’t even look at you.

    Third: learn how to budget! Trust me, if you don’t budget well, you will be behind on your mortgage and other bills and then you’re really screwed.

    Here’s what you need to know. You need anywhere from 5-20% plus to put down on a house, so you better have some savings somewhere. You need to be prepared to pay closing fees and other points (prepaid interest, etc) so that should be a consideration as well. Lastly, someone’s gotta do the paperwork, so you need to pay a lawyer and the county to record deed and title. After that, you would be free and clear. Just be prepared to handle the stress of buying a house!! Good luck!

  4. Reply
    Steven M
    April 23, 2013 at 4:08 am

    Things have changed. Seems like the mortgage companies are going back to the old ways of doing business.
    1. Start keeping a file of all your financial transactions.
    Pay stubs, Bank statements, Utility bills. Car payments etc…
    2. Have a down payment. The better your credit score the lower your down payment can be. Anywhere from 5% to 20%. I believed they stopped the 0% down payment loans. Let’s hope so anyway.
    3. Get pre-qualified for a loan before you go looking. Have a price in mind. Also it never fails the one house you really like and will want to live in is 10,000 more than what you can afford. Be prepared to haggle for your price.
    5. Just read an article that Florida is still in a mess both with the Housing and Jobs. Might not be the best time to move there.
    6. Have money for closing costs. You’ll need a least a couple thousand dollars.
    7. Have money for moving expenses and buying new stuff for your house. You’ll be amazed at the stuff you’ll need right away.

  5. Reply
    Paul in San Diego
    April 23, 2013 at 4:39 am

    Go meet with a good mortgage broker or lender, and get prequalified for a mortgage. As part of the process, they will run a credit check and they can interpret all of the information on it. They can also work with you and the credit reporting bureaus to get erroneous or questionable items on your report cleared up.

    Many times, you might have a report that shows some kind of discrepancy that shouldn’t be there. For example, I once had a hit for a late payment on a credit card account where I made a payment a few days late. But, the credit company can’t put anything on your report until the payment is at least 45 days late. So, my mortgage broker contacted the credit card company and got them to remove the discrepancy from my credit reports. They also admitted that it was a mistake. And, I wouldn’t have known about it had the broker not taken action on it.

    Getting prequalified will also give you an idea of what you can afford and how much you’ll have to spend a month. So, when you do decide to make the move, you’ll know what your price range is.

    One thing to consider about Florida these days, though: Many home owners down there can’t get insurance on their property, because of the potential for hurricanes down there. And, if you do buy a home with no insurance that gets wiped out or even just damaged by a storm, you could end up going broke.

  6. Reply
    Steve
    April 23, 2013 at 5:25 am

    HERE WE GO.
    1- GO TO LOCAL BANK,AND ASK TO BE ((pre-qualified))
    THIS FREE SERVICE WILL LET YOU KNOW,WHERE YOU STAND TODAY.
    I T WILL ALSO SHOW THE PROBLEM PARTS OF YOUR CREDIT.
    AN EXPERIENCE LOAN AGENT COULD TELL YOU HOW TO FIX THEM.
    PRE-QUAL. WILL SHOW YOU ,HOW MUCH YOU CAN SPEND,HOW MUCH
    MONTHLY PAYMENT YOU CAN PAY AND HOW MUCH MORE YOU ARE GOING TO NEED TO SAVE IN ORDER TO BUY A HOUSE.
    2- CONTACT SEVERAL REALTORS IN AN AREA YOU WISH TO BUY.
    BY TALKING AND ASKING QUESTIONS,YOU SHOULD BE ABLE TO NARROW DOWN THE NUMBER OF AGENTS TO ONLY ONE.
    3-ON WEEKENDS START TOURING SOME HOUSES,THIS IS INTENTED TO
    GIVE YOU AN IDEA AS TO WHAT YOUR PRICE RANGE CAN BUY.
    THIS STEPS SHOULD KEEP YOU BUSY FOR A WHILE.

    4- THINGS NOT TO DO.”””’BEAWARE OF OFF THE WALL OFFERS COMING
    AT YOU IN THIS SITE.DEAL,ONLY WITH LOCAL,WELL KNOWN BANKS
    ,AT LEAST YOU KNOW WHERE TO GO WHEN THINGS AREN’T RIGHT.

    GOOD LUCK

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