1) You Are Already in the Market, Qualified for a Mortgage, and Just Waiting for the Right Home
If you’ve been in the market, you know inventory is low and every decent property has multiple offers right away with some over the asking price. As you search for your home, you see that interest rates are creeping up, costing you more money as you wait.
2) Rising Rates Have Triggered You To Get Qualified
You’ve been thinking about buying, but you were waiting for rates to go lower. You are now seeing rent prices creep up and know that with rates on the rise, purchasing is more important than ever before your monthly payments become unmanageable.
3) You’re Getting Mortgage Ready Because Of Credit, Student Loans, Need For Down Payment, Or Other Issues
You’ve been pre-qualified and are told that you need help with credit, down payment or a student loan refinance. You are now dealing with getting these issues and others fixed but also need to be aware of the timeframe to do so.
Each of these classes of buyers have their own challenges; however, the solution is relatively the same. Be prepared!
For our Already In The Market buyer, make sure you can make an offer quickly, with funds available even from a down payment program that makes you competitive with cash buyers and flippers that don’t ask for seller costs to be contributed. This requires a mortgage broker to be available and vigilant to help you plan with your current credit and financial circumstances. Don’t pursue any major purchases like a car or employment changes that may affect your buying power.
For our Pre-qualifiers, work with your mortgage broker to get credit scores up and budget for funds, including a down payment program that you can qualify for now. Hold off on opening more credit unless it's advantageous for you to do so and your mortgage broker can help you with this. Know what you want, what you can afford, and understand compromises before you find the home of your dreams.
For our soon to be “Mortgage Ready” clients, there are specific programs that can help.
Visit the Getting Mortgage Ready program for more information.
I’m here to help in any way I can. Close With Pam is all about planning for your future and making sure you are comfortable with your home buying options.
I know the economic landscape is changing for many people. Fortunately for you, I’ve been helping clients for 36 years and know how to navigate every type of marketing.
Contact me today to learn more about loan options for every type of buyer. Call 727-534-3445.