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Want to buy a house someday? Then do these 3 things today! – June 27, 2018

Want to buy a house someday? Then do these 3 things today!

You’ve heard it before. Buying a house is one of the biggest financial steps most of us will ever take. Whether your timetable is years or just months away, here are 3 things to do now that will help you be more successful when the time comes.

  1. Get serious about saving.
    Making it a priority to put money away (aka spend less than you make) regularly will do 2 important things for you: first, it will show potential mortgage lenders you have financial discipline, and second, it will help you prepare for homeowner expenses you may not realize are coming, like lawnmowers and taxes.
  2. Clean up your credit.
    Check your credit score and actively work to improve it. Pay your bills (including rent) on time. Shed excess credit cards. The stronger your credit, the better your mortgage rate will be and more payment options you’ll have to choose from.
  3. Get pre-approved for a mortgage.
    If you really want to know what kind of house you can afford, get pre-approved so you can shop efficiently and with confidence. Being pre-approved also puts you at the head of the line with potential sellers, because they know you’re a serious buyer with the resources to buy.

And, here’s a final word of advice.Your mortgage is a big financial commitment, so make sure it’s done right. Have your application paperwork in order. Meet deadlines for providing information. Show up for your appraisal and inspections, and don’t dramatically change your spending habits during the application process.

Ready to talk to an FSB Mortgage Lending Specialist? Call 319.377.4891 or click to our lender directory.



The Perks of Pre-approval – June 27, 2018

The Perks of Pre-approval

It’s the Smart Way to Shop for Your New Home. Ladies, you’re shopping for a new outfit complete with accessories and shoes. Men, make that a new souped up lawnmower. Before you go into the store you check your balance to make sure you’ve got the money to cover your purchase. Knowing exactly how much you have to spend helps you select not only what you want but what you can actually buy.

Mortgage loan pre-approval works just like that. You visit your lender and get a total pre-approved dollar amount before you start touring homes, so you don’t fall in love with a house beyond your reach or settle for a home you don’t actually like.

Pre-approval has other benefits as well. Sellers are looking for serious buyers, and nothing says serious like being pre-approved.

Don’t worry. Getting pre-approved doesn’t take weeks and isn’t difficult to do. You can visit with a mortgage lender at 319.377.4891 in person or go online to apply.

Remember this … you will always need housing. Using your resources to pay rent provides you a roof over your head and nothing else. Buying a home gives you a place to call your own, the freedom to paint your man cave purple, and the ability to put a swing set in the backyard. Plus, you build equity to hold onto or leverage to make improvements or pay off debt.

 

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