If you’re a parent there’s no denying that back to school season is one of the busiest times of the year because there’s a lot of things you must do to get your children ready for the new school year and many parents will be in the same position as you.
Thankfully buying a home during the back to school season is also one of the best times to buy a home because there will be fewer people buying homes and you can find your dream home by following these simple tips.
Tip #1 – Know Your Credit Score
Take the time to review your credit score by purchasing your 3-in-1 Credit Report online because, this will help you to fix any inaccurate or false information your creditors may be reporting about you.
During this time you should also pay off any old debts like credit cards and small balances on student loans as well since this will lower your debt-to-income ratio.
Tip #2 – Confirm the Home You Can Really Afford
The best way to know the home you can really afford is to get pre-approved for a mortgage loan since pre-approval is based on a review of your credit score, finances and job history versus pre-qualification which is only an “estimate” of your credit worthiness.
Tip #3 – Get Your Down Payment Ready
Although most conventional lenders recommend paying for a home with a 20% down payment it’s important to remember all of the other options for buying a home including Sallie Mae’s down payment assistance program and FHA loans where you can get a loan with 3.5 percent down payment.
As you are getting your down payment ready you should also confirm with your Realtor® the total closing costs you can expect to pay as well since they can amount to well over $3,000 but the good news is that there are also programs you may qualify for which will pay your closing costs.
To learn more about the things you need to do to buy a home during back to school season, or to view homes for sale, contact Fred Sed & Associates today by calling us at (949) 272-0125 or click here to connect with us online.