Opportunities Are Like Sunrises

Are you worried that you have lost your opportunity of buying your dream home while the interest rates were low?

Keep your worries aside and let’s see what best we can advise you to turn your dream into reality.

None of us can predict what will happen in the real estate market over the next few months.

However, one thing remains undisputed owning a home creates your overall wealth, your own shelter, and your peace of mind.

Let’s see how can we help you…

1. Temporary interest rate buydown:

Houses are a crucial investment. Any advantage that works your way in saving costs is a good thing for you. A temporary interest rate buydown could help you save money on interest and have a lower payment at the beginning of your loan term.

This will benefit you in two ways. First, you’ll save on interest compared to someone who doesn’t have a temporary buydown. Second, your payment is lower at the beginning of your term. This could be helpful if you need the money you’re saving for furniture, renovations, or anything else.

The difference between the interest you would pay under the full rate and what you’re actually paying for the first year or two of your mortgage is placed in an escrow account.

Each month, the investor gets a payment from the escrow account in order to make up the difference between what you’re paying during the buydown and what’s owed based on your interest rate.

2. Improve your credit score:

Your loan might be approved even if you have a bad credit score, but the process is a whole lot easier when your credit score is in good shape. And if you’re staggering between fair and good credit, it could mean a difference of thousands of dollars in payment of interest over the life of your loan.

So before you start your mortgage application, it’s a good idea to boost your score as much as possible. Fortunately, there are several ways to improve your credit score.

Ø Dispute credit report errors

Ø Pay down some debt

Ø Ask for a credit limit increase

Ø Get added as an authorized user

Ø Consider a credit builder loan

Ø Request a rapid rescore

Ø Don’t miss any payments

Ø Don’t apply for a new credit

Ø Keep credit card balances as low as possible

Ø Don’t close accounts

3. Make a larger down payment:

Your ability to save for a down payment is a good sign which shows you are ready for the financial commitment of owning a home. Making a sizeable down payment will give you a lower loan-to-value ratio (LTV). Here are some clear benefits waiting for you in lieu of a large down payment:

Ø Lower mortgage rate

Ø More equity

Ø Lower Monthly payments

Ø Cheaper closing costs

Ø More competitive offer

One of the first steps in the home-buying process is to work with a real estate agent to help you in understanding and get all these processes right for you.

Make the best use of the opportunity that’s waiting for and don’t delay further.