If you are thinking of buying real estate in the next 12 months, the first step recommended by experts is to talk with a mortgage advisor. If you are looking for one of the best loan officers in Southern California, then Dean would be happy to refer you to the lender that will best match your needs.
Did you know?
Don't Cancel Those Credit Accounts
- Canceling credit accounts actually reduces your FICO score. It is better to have more outstanding credit available than less. Rather than canceling your accounts, simply lock them up in a drawer if you are not going to use them. If you cancel accounts, then you reduce your available credit, and the credit that you are carrying becomes a larger percentage of your available credit.
Don't Let Extra Money Burn A Hole In Your Pocket?
- Many times, new home purchases are prompted by raises at work or coming
into large sums of money. As a rule of thumb, complete your largest
purchases first. The best use of new found money is investing in
assets that can go to work for you in the future such as Real Estate,
financial securities, and education. However, if you have your heart
set on the new "toys" then close escrow on your new home first, then buy the
new car, and finally treat yourself to those other goodies like furniture
and electronics.
If you plan to obtain a mortgage loan in the next 6 months, then freeze additional spending and applying for new credit accounts. You should wait to make all major purchases until after you close escrow on your real estate purchase. For instance, taking on a car loan can greatly reduce your credit score and force you to accept a higher interest rate on your home loan. Remember, many lenders will re-check your credit right before funding a loan, so if your credit score has gone down, then you may no longer qualify for the loan program that you expected to receive. A pre-approval letter does not lock in or guarantee rates or programs.
It is important tips like these that a professional mortgage advisor can share with you to help you plan for one of your largest purchases in life. Submit your contact information above for a free referral to one of Dean's recommended mortgage partners.