It is critical to get pre-approved for a mortgage BEFORE you begin your home search!
Before you begin your new home search, it is extremely important that you know your buying power and check for inaccuracies on your credit report. By getting pre-approved first, you know exactly how much you can qualify for, what you should expect your monthly payment to be, etc. When you are ready to write a contract on a home, you will need a pre-approval from a qualified lender to do so, this is is a "must do" and the first step when beginning the buying process.
You can still buy a home with NO MONEY DOWN!
I have access to loans that offer 100% financing to home buyers looking to buy in a rural area, which includes all of Calvert County, most of St. Mary's County and parts of Charles County. I work with a USDA “Direct Lender,” that has had the privilege of helping serve eligible home buyers with in-house processing, underwriting and closing on all their mortgage needs. You can buy a home in most cases cheaper than you can rent. Which leads me to my next point...
It costs less to buy (up front costs and monthly costs) than it does to rent!
With my 100% financing programs, the up-front money you need is far less than the first month's rent and a security deposit if you rent a home. Additionally, in many cases your monthly payment will end up being $200-$400 per month LESS than a rent payment. With the current market conditions, it really makes no sense to rent and pay someone else's mortgage when you can buy and pay your own!
Many potential buyers will tell me they pulled their credit score online and think they know what their credit score is. However, while many people know there are three major credit bureaus, most people do not know that the score that you, as consumer, sees is more times than not different than a credit score a lender sees. Countless amounts of times I've had buyers tell me "I looked at my credit online and it was 700" only to have a lender do a more in-depth credit report to find out that it was actually much lower. Having a QUALIFIED LENDER run a FREE credit report is critical to the home buying process. What you think your credit score is and what your credit score actually is most times are not the same.
The truth is, there is no such thing as a "permanent" credit removal/repair program. If you are concerned about your credit, fill out my free, on-line application. We can tell you exactly what your credit score and buying power is. Equally important, if your credit score is not quite where it needs to be, we will gladly help you get it there. We use our "Credit Wizard" program which can guide you by telling you what bills to pay and by doing so, how soon we can get your credit score to a minimum to purchase a home. We remove all guess work and point you in the right direction at no cost or obligation!
Home prices and interest rates are RISING!
While interest rates are still incredibly low, the fact is they are on the rise. As for home prices, we're past the rock bottom market and prices are beginning to rise. As a matter of fact, most quality homes that come on the market are receiving multiple offers within 72 hours. Waiting to purchase can cost you literally tens of thousands of dollars. Now is the time to buy so contact me today and we can get you pre-approved for a mortgage and start showing you homes right away!