Real Estate Realities from The Realtor You Can Trust

So you're tired of renting? Can't even think about living with the folks? Here's a thought...buy your own place. Hmmm. Makes you think, huh? But here's the problem: you have no idea how to do that!

You're not alone. Let us walk you through the process. Hold your hand, even.

1. KNOW YOUR CREDIT SCORE!
Did you know you are entitled to one free credit report from all 3 reporting agencies annually? Federal law says so! Go to www.freecreditreport.com for more information.
Read the reports carefully. Challenge old, outdated, or just plain wrong information. Pay off those little collections accounts that you forgot about. Use the online tools of the site that advises you on improving your scores.
I am not a mortgage broker, but it is in my experience that you need a minimum average score of around 580-620 to qualify for an FHA mortgage. Which brings us to our next step:

2. CONTACT A REPUTABLE, QUALIFIED MORTGAGE BROKER OR LENDER
That is the professional who can best advise you as to whether you can qualify for a mortgage and for how much as well as any local or federal programs that may provide assistance for first time home buyers. He or she can also give you tips for improving your credit scores and your chances of getting that mortgage.
If you qualify for a mortgage, ask for a letter stating that you are pre-qualified. That will help you when it is time to go looking for that house.
And where do you find one of these people? Of course you can ask your friends, relatives, and co-workers for a referral. You can also contact a Realtor who can give you several names of respected mortgage brokers and lenders.

3. DECIDE HOW MUCH YOU CAN AFFORD
The mortgage broker will have told you what you will qualify for. But you may have other ideas. For example, if you have a large down payment you can add that on top of the mortgage qualification amount and look for a more expensive house.
Some people wish to stay conservative and purposely look for houses that are less than their pre-qualification amount. The choice is yours because only you know your entire financial picture.

4. CHOOSE A REALTOR
This is the professional who will search the area you wish to live in for the house that meets your needs. How many bedrooms? Fireplace or basement? How big of a lot? One story or two? What price range? What school district? The choices are seemingly endless and can be overwhelming. That is just a part of a Realtor's job. Your Realtor will also show you as many houses as you need to see before you find just the right one. He/she will help you decide how much to offer and the terms of the offer. He/she will negotiate with the listing agent on your behalf. He/she will guide you through the post-sale process all the way through closing. This person should be your best friend until you have the keys to your new home.

This should get you started. If we can be of any assistance in helping you on your path to home ownership, please call us at 317-709-5122.

Courtney Dufrene
Lisa Walston

The Realtors You Can Trust