What's the number one reason people don't buy themselves a home?
Fear...of the process.
Fear...of getting a loan.
Fear...of finding the right real estate agent or REALTOR® (there is a big difference--both of us are REALTORs® and are held to a very high set of standards and ethics).
Fear...of getting trapped into payments you can't make.
Fear...of a not-perfect credit score crushing your dreams.
Fear...of coming up with a massive downpayment.
If you're feeling overwhelmed with just thinking about starting the process of home buying, you are far from alone. Survey after survey finds that more people today want to buy a home, but challenges such as saving up for a down payment and student loans are keeping them in the rental trap.
What if we could remove virtually all of those fears? Would you consider seeing if buying a home is right for you? Check out our.............
•The No Fear Checklist to Home Ownership•
1. → Go back to school--but just for 5 hours! There are homeownership education courses that can really help you prepare!! We teach them. And we'd love to have you come to one of our classes--see below for our upcoming schedule! Homebuyer counseling is typically required when using a down payment assistance program, but any buyer can benefit. You’ll learn about the home buying process, improving your credit, mortgage terms, planning a budget and more. Plus, according to a new study, simply participating in these in person or online courses, you’ll reduce your risk of foreclosure by 42 percent. Knowledge is power!
2. → Get an agent. A lot of people are afraid about what they'll have to pay their real estate agent when buying a house. Guess what: Your agent’s commission will come from the home you purchase, not from you! Everybody wins! Even if you don’t think you’ll need help with lots of showings, a real estate agent will help you navigate contracts between you and the seller and set up important things like the home inspection. As a new buyer, you’ll benefit from the expert help. We, of course, would be honored to help you find a place to call your very own! And with us--you have two people helping and guiding you every step of the way.
3. → Find the right lender. Your mortgage lender will help you secure your home financing—and, there are many types of banks and lenders who can help. Unfortunately, according to the Consumer Financial Protection Bureau (CFPB), almost half of homebuyers don’t shop around for a mortgage lender. If you shop around for the best price on a car or a dishwasher, why wouldn't you check out several options for helping you finance what may be the biggest purchase you'll ever make? Like you, your finances and home buying goals are unique. We work with some excellent folks all around the Sound, and would be happy to send you the names of people who have helped us and our clients in the past.
4.→ Your credit score matters. The type of loan you get, including interest rates and points paid, is primarily determined by your credit score. The better your credit score, the more affordable loan you can get, often with more options for a low down payment. For most low down payment loans, your credit score needs to be a minimum of 620. Review your credit report, make adjustments and get prepared so you can enjoy the lowest interest rate possible and save cash over the life of your loan. Our friends in the mortgage industry can be a great ally and help you reach your goals faster than if you tried doing this by yourself. (Again--the cost to you is nothing.)
Want to see which down payment assistance programs that fit your exact needs? Click here!
5. → You don’t need 20 percent down. Let me say that again: You do not need to put 20% down when you buy a home. You most certainly can put 20% down if you'd like, but most people don't have that kind of money laying around. Using a lower down payment could very well get you in a home right now (instead of 3 years from now) AND you’ll enjoy low interest rates and get out of a rising rent situation. Low down payment options have been around for a long time. In fact, data shows that low down payment loans with sound underwriting (loan is fully documented, income verified) are just as successful as loan with large down payments.
6. → Down payment programs offer savings. Did you know the average down payment assistance benefit is more than $8,000? Many homebuyers don’t know about homeownership programs that can help them get in a home much more quickly and provide a valuable cash cushion for other home buying expenses. You could save on save on your down payment and closing costs, or even get ongoing tax credits. Ask your lender and real estate agent about down payment programs and do some research to find out what might be available where you want to buy.
7. → Save up for closing costs. Most buyers focus on saving for a down payment, but your closing costs could run you another 2 to 5 percent. It’s important to factor in those costs so you are prepared when signing all those papers at the closing table. **Ask us about how we might be able to negotiate some or all of those costs with the seller.** In addition, some homeownership programs can help you cover your closing costs.
See? Once you take the fear out of the process AND have savvy REALTORs® and a caring lender by your side, your chances of success are excellent.
Now: let's see what down payment assistance programs are right for you:
Washington State Housing and Finance Commission sponsored classes:
3/16 at OnQ Financial in Lynnwood (For reservations call 360.474.7205 or email firstname.lastname@example.org)
Space is limited--RSVPs are required!!
More to come soon!!