First time
homebuyers in Savannah
“Save
your money,” their parents advise.
“Location,
location, location!” their friend’s friend cautions.
Reasonable
advice, for certain. But there some important elements of the home buying
process which a typical Savannah
1.
Mortgage rates you see advertised aren’t usually what you
get
The
banner ads are everywhere online: “3.2% rates!” “No money down!” But the truth
is, mortgage rates vary greatly. The only way you’ll know what rates you
actually qualify for is to go through a complete mortgage application including
credit pulls and income verification. One more point to consider: online
mortgage calculators, while handy, can be deceptive if you do not factor in the
real cost of tax, insurance and PMI when you’re looking at an FHA-loan.
2.
Every Tiny Bit of Debt Counts
Think that
$1400 left on your Visa isn’t going to matter? Think again. Every iota of debt
weighs in when your credit is scored. What many first time homebuyers aren’t
told is that when you apply for a mortgage, nearly every element of your
financial history is going to be analyzed with a fine-toothed comb. All debt
will be factored in as the bank figures out how much it is willing to lend.
Standards have stiffened, so the earlier you dispose of even small issues, the
better.
3.
Your Choice of Agent Makes All the Difference
Let
me guess: your friend’s friend also has an agent to recommend (she carpools
with his sister’s next door neighbor). There’s no reason you shouldn’t
interview her: maybe that’s the right fit for you. But don’t just sign up with
the first agent you find: this is a working relationship that can shape your
family’s future. Your agent’s connections, experience, and market knowledge
will be key — and can well make the difference between your writing an offer
that gets accepted or not.
(Coming
Tomorrow: Another 4!)
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