Articles Tagged "Financing"

If you're getting ready to become a homeowner, you've probably already discovered that there are a lot of important steps along the way. Getting pre-approval for a home loan is one of the most important steps, and if you're thinking about buying a home in 2020, our REALTORS® are here to help. 

One of the most common questions we get asked is, "When should I get pre-approved?" There are a few factors to consider when answering that question, but one thing is for sure: Before you start looking at Beavercreek homes for sale, it's important to have a pre-approval letter in hand. 

What is Pre-Approval?

Pre-approval is an important step before buying a home because it essentially proves that you have the financial means to do so. When you obtain pre-approval it says to homebuyers that you're ready and able to buy. It also lets you know just how much home you can afford, which makes it easier to find the right house for you.

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For many Americans, saving 20% for a down payment on a home, much less a down payment at all, can be a struggle. Fortunately, as an active or former member of the United States military, you have certain privileges when it comes to getting a home loan. The U.S. Department of Veterans Affairs sponsors one of the most coveted mortgage products for military members in the form of the VA loan.  

Our REALTORS® have worked with countless active military members, veterans, and their families to help find solutions for them to realize the dream of homeownership.  Here's everything you need to know about VA loans.

• No Down Payment
  Probably one of the most attractive attributes of VA loans is the fact that no down payment is required. Most conventional loans require a 5% down payment with 20% needed to avoid private mortgage insurance (PMI). Most Americans have a hard enough time cobbling together 5% down, and many won't reach the 20% threshold until they've paid as much in equity. Fortunately for veterans, there is no down payment required for a VA loan, meaning you can finance 100% of the purchase price of your home.

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Your credit score is the magic key that opens the door to the best interest rates and loan options. It's a number you'll want to raise as high as possible before you start looking at Beavercreek homes for sale. It takes time to raise your score into the right range and the following five steps you can move your score going in the right direction.

1. Dispute Errors
   Errors are exceedingly common on credit reports. Approximately 25% of credit reports in America contain errors including missed payments, incorrect addresses, open accounts that are in reality closed, and debts that are incorrectly recorded. You should always dispute errors and ensure that any incorrect information is removed from your report. The prevalence of errors on credit reports highlights the importance of keeping your financial records organized. You will need these records to dispute any errors you discover. Once your dispute is submitted, it can take around 30 days for an error to be removed from your credit report and slightly longer for it to improve your credit score.

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Applying for a mortgage means your financial situation is under close scrutiny and that applies even more so when you're self-employed. But that certainly doesn't mean that you can't get a mortgage or that you'll never be able to buy Beavercreek homes for sale. Many self-employed people successfully buy houses every year. But you may encounter a few more stumbling blocks along the way. So what can you do to make the process go as smoothly as possible? These tips can help.

1. Keep good records and have the right documentation available. Lenders need to assess your ability to pay back the loan before you get approved. It can be a little more difficult to prove you have that ability when you're self-employed. You don't have the paper trail of pay stubs and W-2s other borrowers can rely on. You will need to produce more verification of your consistent income. In general, lenders will want at least two years of tax returns, a 1099 form, and a profit and loss statement if you are a business owner. You will also need monthly or quarterly statements from your bank and investment accounts.

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If you find yourself in a position where paying off your mortgage is both feasible and reasonable for you and your family then congratulations are in order.  If you've reached the point of paying off your mortgage, then you've made the most of your finances along the journey thus far and are looking to make the most of them moving forward.  

Our REALTORS® know what it's like to buy a home as well as own a home outright and have helped countless homeowners just like you make crucial decisions for their home purchases. But is paying off your mortgage early always the right way to go?

The Power of Compounding Interest

Most people are familiar with interest simply in the form of a debt instrument. Your mortgage, car payment, or even student loans all have that dreaded word "interest" tied to them, which makes paying off a major debt even more rewarding. While interest is your enemy in loan situations, it can actually be your best ally on the investment end.

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So, you're in the market to buy one of our Beavercreek homes for sale. Buying a house can be an exciting time—especially if you've found your dream home. However, before you start making plans for arranging furniture and hosting the holidays, there are things like budgets we need to discuss. 

At Wright-Patt Realty, Inc., our REALTORS® in Beavercreek are always excited to help a buyer purchase a new home. We are here to help you budget for the costs of buying a house with these tips.

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Figuring out how much you can afford for Beavercreek homes is the essential first step for house shopping. While you may have some ideas about what your perfect home would include, most people don't have unlimited budgets. Knowing what you can get for your money is essential to a successful house-buying experience. 

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VA loans are powerful tools for service members to purchase homes and offer a number of significant advantages. There is no required down payment for a VA loan, favorable interest rates are available, and credit requirements are more relaxed than with traditional loans. You can take advantage of the VA loan program while you are active-duty or after you have completed your service. Yet, VA loans also have some unique, complex rules, so it's important to understand how the process works. Our REALTORS® are here to help, with four tips for buying a home with a VA loan.

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When it comes time to choose a mortgage loan, there are many factors that determine whether it's a good deal for you. Selecting the right mortgage loan at the right moment will help you meet your financial goals, potentially saving thousands of dollars over the lifetime of the mortgage.Of course, there are also many pitfalls that can come along with the wrong mortgage loan. When you are buying a first house, it often seems like a race against time and this can cause issues if you don't get the right advice or overlook important opportunities.

Let's look at some of the most important mortgage mistakes to avoid:

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