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First Time Buyer
The prospect of owning your first home can be
exciting and scary at the same time. You will
first want to get “pre-qualified” by a lender.
This process is easy and should be free. The
“pre-qualification letter” will let your Real
Estate Agent know what price points he or she
should consider when you start shopping for a
home.
Real Estate Agents are people, with a multitude
of personalities and ways of doing business. You
should take time to interview at least three
agents. Make sure you are comfortable with this
individual, as you are entrusting this person
with one of the most important decisions in your
life, as well as forming a relationship that
could last for decades. Parklor can recommend
realtors in the the South bay area (Southern
California).
One of the most important factors in determining
what types of loans and interest rates you
qualify for is your credit score or FICO. You
are entitled to one free copy of your credit
report each year. You can access your report
free of charge at
www.annualcreditreport.com. If you have any
blemishes on your credit (late payments, maxed
out cards, etc…) it is advisable to correct them
as soon as possible. Lenders like to see a
responsible use and repayment of credit lines.
Other factors that will affect the interest rate
on the money you qualify to borrow are your debt
to income ratio and how much money you have for
a down payment. At Parklor we like to discuss
your financial future and make sure we shop the
loan that is most appropriate to your needs.
Contact us for a free evaluation; we’ll help
your first real estate transaction go smoothly. |
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