I would like to give you a warm welcome for visiting me. Opening the door to a home of your own is a awesome feeling. What's important is having the knowledge and experience are the "keys" to having a successful real estate transactions, especially buying a home of your own. The one thing I came to believe is the keys to making the home buying process easier and more understandable is truly "planning" ahead of time.
Furthermore, planning will help you discover the home buying process. Making a purchase like a home loan will require the lender to runs a "credit report" on you. Keep in touch with your credit report. Check it out before you go to the lender to see, if there any thing on your credit report that need to be taken care of before hand. After that is done the next step would be how much can you afford? As you apply for a home loan, consider your "personal finances." Always consider your personal finances. Just as well as your credit report.
Let's look at how much you "earn" vs. how much you "owe" can determine how much a lender will allow you to borrow. First is - "Gross" monthly income. Them your "monthly debt." All of your monthly debt. Planning is a process. You will know if you can afford a home loan just by looking a monthly debt.
The two step in planning for a purchase of a home is checking your credit report and then your gross income to your debt. There are three consumer reporting databases that keep a record of you credit history. To dispute any information appearing on a credit report, you must submit in writing the following information: Your name - Address - Social Security Number - Then the item that is being disputed along with a brief explanation.
Equifax
P.O. Box 740241
Atlanta, GA 30374
800-685-1111
Trans Union
P.O. Box 1000
Chester, PA 19016- 1000
800-888-4213
Experian / TRW
P.O. Box 2002
Allen, TX 75013
888-397-3742
I'm covering the area of Stillwater County, Carbon County, and Yellowstone County. Which area of each County? Stillwater County; I'm covering the area of Absarokee, Columbus, Nye, Fishtail, Dean, and Ryegate. Carbon County; I'm covering the area of Red Lodge, Roberts, Roscoe, Boyd, Joliet, Rockvale, Bridger, Fromberg, and Belfry. Yellowstone County; I'm covering the area of Billings, Laurel, and Park city.
I am a Member of the:
Billings Multiple Listing Service
Billings Association of Realtors®
Montana Association of Realtors®
National Association of Realtors®
Cheryl Frei - Realtor® & e-Pro Certified Realtor®
Diamond Realtors
Montana Homes for Sale
P.O. Box 308
Absarokee, Montana 59001
Fax: (406) 328-4154
Cell (406) 598-8037
MailTo:cherylfrei@nemont.net
Cheryl - many people don't understand the debt to income ratios that will qualify them for a loan. It's confusing for those that don't have to deal with it all the time. I know it was scary for me the first time we bought a house and I was not in real estate! LOL
Hello Carol - I agree with you there's so many people that don't understand the debt to income ratios. Especially, when the lender goes by the gross income and not the debt. To tell you the truth I don't know who is the one that need to tell the customers about it, the lender or the agent. I do know before I came into the real estate business, we didn't know anything about ourself. It nice to be educate about it.
Hi Cheryl, I love the way you educate your potential Buyers. I try to do the same. Inspite of all the advantages of the internet, when it comes to buying a first time buyer still needs to be educated. I agree that you tell them a little in advance, before they meet your Lender who hopefully is going to support your advice. I have a couple of lenders that I recommend, because I know they will look out for the intrest of the Buyer vs their own income.
Endre - Thanks! I agree with you about educating the buyers. I agree with you about the lender especially the lender showing a interest toward the buyers needs.