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| Real Estate in the Rockies... |
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Diane Iwanicki
Broker Associate
Cell: 970-412-7082
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My Dream Home
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What Are You Looking For?
Here's your chance to be notified of all new listings that meet your criteria, absolutely FREE! Please complete and submit the form below.
Questions? E-mail me. MY SERVICES ARE ABSOLUTELY FREE TO BUYERS! ALWAYS!
Why go through this process alone when you could contact me and NEVER PAY A DIME?!
PLUS... I get knowledge of homes BEFORE they go on the market.
Contact me so that I can be looking for that GREAT DEAL... they do exist AND YOU CAN GET ONE!
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Please enter your email below. You'll be emailed updates that match your criteria
daily. Update your criteria or cancel at any time.
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Step 2 - Enter Search Details
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Buying a home is considered by many to be a wise investment because typically, houses increase in value over time. And, as the years go by, you can build equity. In contrast to renters, most homeowners receive significant tax breaks, because interest paid on a home mortgage is almost always tax deductible. Finally, there's the personal satisfaction of having a home you can call your own to share and enjoy with friends and family.
Where do I start?
Start by contacting a lender to find out your credit score and how much home you qualify for. All lenders use the same four basic standards to approve applicants for a mortgage.
Income
Credit History
Savings
Collateral
Some people are surprised when they look into their credit score and find that is actually very good. If yours is less than good, start getting it in order now so that you can look at buying a home in the future.
THE FIVE FACTORS OF CREDIT SCORING
Payment History has a 35% impact. Paying debt on time and in full has a positive impact, and late payments have a negative impact. Try to pay your credit card the day you get it.
Outstanding Credit Balances have a 30% impact. Keeping balances below 30% is wise. Hitting the maximums of available credit can be very negative. Do not close credit cards once they have been paid in full... hide them away.
Length of Credit History has a 15% impact. The length of time a particular credit line has been opened is important. A seasoned borrower is stronger. Opening new credit cards will decrease the average length, and therefore hurt this portion of the score.
Type of Credit has a 10% impact. A mix of auto loans, credit cards and mortgages is positive, rather than a concentration in credit cards only. Be careful, too, not to get credit cards for one time purchases such as independent stores... they seem to show desperation (although stores try to tell you that you will save 10% on that one purchase...you may hurt your credit score. Stay away from opening many small credit cards)
Inquiries have a 10% impact. Hard inquiries for your credit can cost 2-50 points on a credit score... each time you apply for credit, you could be lowering your score.
For more information, visit www.myfico.com or
call me to discuss how I can help you get yourself in position to buy a home.
What About Down Payments?
It is recommended that you have at least 2% of the total loan amount for your initial investment. If you are buying a $150,000 home, that would mean $3,000 at closing. Consider the different ways you might obtain that amount... Saving a little out of each paycheck, eating out less, picking up a few extra hours at work, tax return ?, sell something you own, ask a relative for some help, or a combination of these things.
What About Closing Costs?
Many sellers are willing to pay your closing costs. Typical closing costs are about $5,000. Sellers know that they can take $5,000 off their price, or pay for your closing costs. If it means selling their home, they will usually pay closing costs. Some sellers even advertise that they will do this. Ask your Realtor to see homes that offer this option.
I specialize in helping first time home buyers have an excellent home buying experience!
If you have any questions, call me at 970-412-7082 |
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