In today’s video, we toured 2 homes for sale in Kissimmee and Lakeland for under $400,000!
Discussed currently interest rates & inventory in the US!
I hope you enjoyed this video and can see the difference in prices Florida has to offer compared to most other states.
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If you are Interested in buying or selling a property in the Orlando area? Feel free to . me, My team and I will be happy to help!
Realtor: Kaleb Shaw
Robert Slack Fine Homes
Real Estate Lic# SL3312319
ALL INFORMATION IS RELIABLE BUT NOT GUARANTEED.
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Here are some steps below to get you prepared.
Step 1: Start gathering a down payment
One of the most important steps to buying a house for the first time? Figure out your finances. Buying a new home (particularly for the first time) requires a mortgage, w. a lender fronts you the money and you pay it back over time. However, in order to get a mortgage, you’ll need some sort of down payment. So how much do you need?
Ideally a down payment on a mortgage should be 20% of the home’s price to avoid added fees, but if you don’t have that much of a down payment, don’t worry. A mortgage down payment can be as low as 10%, 5%, or even 0% for certain types of mortgages (e.g., VA Loan or a USDA loan).
Step 2: Check your credit score
Did you forget to pay off a couple of credit cards? Unfortunately, it’ll affect your credit score.
In addition to having a down payment, a first-time home buyer will need a decent credit score. Minimum of 620 is best. This three-digit number is a numerical summary of your credit report, a detailed document outlining how well you’ve paid off past debts like for credit cards and college student loans.
A lender will check your score and report in order to estimate the odds that you will deliver your monthly payment, too.
In turn, the lender will use this . to decide whether or not to loan you money, as well as how much and at what interest rate. If a lender sees some late payments on your credit cards or other blemishes in your credit report, this can lower your odds of getting a loan with a great interest rate, or perhaps even jeopardize your chances of getting any loan at all.
Step 3: Get pre-approved for a mortgage ( Most Important)
Another one of the most important first-time home buyer steps? Seeking pre-approval from a lender for a home loan. This is w. you meet with a loan officer. Each mortgage lender will scrutinize your financial background—such as your debt to income ratio and assets—and use this . to determine whether to loan you money, and what size monthly payment you can realistically afford. This will help you target homes in your price range. And that’s good, because a purchase price that’s beyond your financial reach will make you sweat your mortgage payment and puts you at risk of defaulting on your loan.
As a buyer, just keep in mind that mortgage pre-approval is different from mortgage pre-qualification. Pre-qualify, and you’re undergoing a much simpler process that can give you a ballpark figure of what you can afford to borrow, but with no promise from the lender. Getting pre-approved you’ll have to provide more paperwork, but it’s worth the trouble since it guarantees your creditworthy and can truly buy a home.
Get pre-approved by our preferred lender today!
Strong Wealth Mortgage
orlando mortgage rate