Monthly Archive: February 2014

First Time Home Buyers Tips

Buying a house can be a daunting task especially for first-time home buyers. You can be easily overwhelmed by the processes involved as well as the current state of the market. That is one reason why many would-be buyers end up renting instead. But buying a house does not have to be that difficult. Here are some simple tips that you can follow as a first-time home buyer:

1. Set your budget.

Before you go shopping for a home, you should first know how much your budget is. It seems to be like a no-brainer, but you may be surprised that many interested buyers don’t set their budget first before showing up during open house. By failing to do this simple step, you may end up wasting your time checking on houses that are out of your price range. And it can be frustrating finally identifying your dream house only to realize that it is way out of your budget.

Tips To Get Approved For a Mortgage

A house is the most basic need of every family. Many people are looking for an opportunity to get a house of their own especially since house rentals even for a small space is at an all-time high now. And when your personal finances do not allow you to buy a house with spot cash, your best option would be to get it on a mortgage. If you still find it difficult to get approved for a mortgage, here are some tips that could help you:

1. Keep track of your finances.

Starting January of 2014, new mortgage regulations take effect when it comes to underwriting home loans. These new regulations require lenders to verify the capacity of each borrower to repay his or her loans. Borrowers who are more diligent in keeping track of their finances have the greatest chance of getting approved. For tracking purposes, keep a complete record of your bank statements, W-2s, income tax returns and other assets you may have. If there are any unusual deposits in your bank accounts, be ready to also justify them.