Are you sitting on the fence wondering if you should take action on buying a home?
Information is power. Consumer surveys find that home buyers are not evaluating all their options and many are potentially leaving money on the table. Below are two steps every potential buyer should take.
#1 Shop Your Loan
Many buyers simply click on a website to get “pre-approved” and stop there. Many people think it will hurt their credit score if they apply with multiple lenders. However, according to the Consumer Financial Protection Bureau when multiple credit checks are concentrated over a short period of time they are typically treated as one inquiry and will not impact you credit score. I always tell my clients to check with their current bank or credit union. Ask if there is a discount for having the loan payment automatically taken out of your existing account each month. When it comes to home loans, the best deals are not always found online.
#2 Research Down Payment Programs
A majority of first time home buyers do not know about down payment programs. There is a misconception these programs are only for low-income buyers.
There are many local down payment programs which can help you with your down payment and closing costs. Down Payment Connect is a FREE tool you can use to uncover home buyer programs in your area.
How it Works:
- Click on the link below.
- Enter your household information and personalize your search to find all programs you may qualify for.
- Get your results and request the full report to get all the details.