5 Sizzling Ways To Finance A Home This Summer

Today we have Victor Benoun bringing us the best tips on financing a home in this turbulent market. Thanks for joining us, Victor, and we are anxious to hear your advice, so without further adieu…

5 Sizzling Ways To Finance A Home This Summer

by Victor Benoun

Despite the negative press we are pounded with daily concerning the aspect of the housing market, and the difficulties in the banking system, it is in fact a fair time to buying a home. Prices have not been this low in years, interest rates remain at historical lows, and buyers have tremendous bargaining power. Whether you are considering purchasing a house or refinancing an real property, here are a few helpful hints to make your transaction as even as a summer day!

2. Improve your credit score if necessary. A credit score is a numerical demigod of the likelihood of you repaying your debt. It is based on the amount of fly open credit trades you have, how near at hand you are to your available credit, as well as your paying habits. In the case of credit scores, your foregone does equal your future. You can improve your credit score by paying down your debts, closing credit cards you no longer use, and of course paying on time.

3. Inquire how much wherewithal is exigent for a down compensation and closing costs, and are there restrictions where the stock comes from. Often, assumptions are fabricated by the consumer that down payments can come from a credit card, a personal loan, cash on hand, or a little gift. It is wise to discuss this in move on in terms of what is allowable or not. Do not wait until you are under compromise to discover the source of your funds can not be used.

4. If you find a home that is right for you, do not wait for the market to drop. Believe it not sundry homes today still sell with multiple offers. According to an article in The Los Angeles Times, dated June 1, 2008, ‘Homes in service qualification that are listed at $300,000 or underADJ Expensiveness are drawing as in as 15 to 20 bids from home buyers and investors, looking for bargains.’ It is very toilsome to time the market as to when the supporting has been reached. Prices have already dropped by record amounts, and there is just no way to say how much lower they may go.

5. In financing a home, now is a benefit time to contemplate long-term. By that I mean to consider a 30 year fixed rate mortgage. Rates are still at low record levels so it is greater time to lock something in and not worry about it.

People oftentimes make life changing decisions based on beliefs which in reality no longer exist. Loan programs have transitional as well as the criteria for being approved. Before ever stepping foot into an yawn house meet with a lender what programs are available and what you qualify for.

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Victor Benoun is President of The Mortgage Source, Inc., and author of Your Castle No Hassle. He has 29 years experience in the mortgage industry and is available for keynote speaking and consulting. For free housing and mortgage reports, visit his website at http://www.yourcastlenohassle.com.

Thanks for that wonderful report, Victor! We are glad to have you as a resource to our readers!

Readers, if you’d like to speak with an industry expert like Victor, feel free to drop us a line today. Our consultations are always free for the Sacramento community!