Resources

Tips on getting started in the purchase of your new home.

1. Always pay your credit card loans and other accounts on time to prevent your credit scores from dropping.

2. Don't have your credit report pulled excessively as it can cause your credit scores to drop and reflect too many inquiries, which lenders don't like to see.

3. Keep your credit card and account balances below 30% of the credit limit or account starting balance.

4. Don't overdraw your savings or checking accounts resulting in insufficient fund notices because it raises a red flag with lenders and could cause them to deny the loan.

Questions to ask when Buying a Home.

1. Ask your loan officer or lender the approximate costincurred when obtaining a loan.

2 Ask your lender about the type of loans offered, interest rates, terms and whether there is a prepayment penalty.

3. Ask your loan officer the length of time thatit takes for loan approval and to actually close once you've executed a contract on a house.

Mortgage and financing information

1. Lenders offer a variety of loans, products with interest rates designed to meet applicants’ needs.Some of the available loans include FHA, Conventional, VA, GI, and USDA. Several of these loans require zero down payment. First time homebuyers programs are also available to assist buyers with down payment and closing cost, provided you don't exceed the maximum income limit.

What not to do when Buying a Home.

1. Please don't have your credit report pulled while your loan is being processed by the lender unless instructed to do so as it could lower your scores and cause you to be denied for the loan.

2. Do not apply for new credit or try to obtain a personal loan to pay off bills, pay down accounts or for down payment and/or closing costs.

3. Don't keep funds needed for closing costs and down payment at home in safes, drawers,etc., because the lender will not allow you to use that money. Be sure to deposit all funds into your bank accounts so that you will receive credit for it by the lender. Don’tmake major purchases like furniture, appliances, etc. until you've closed on your home as it could impact your scores adversely.

Things to know after you've moved into your new home.

1. Apply with the Dallas Central AppraisalDistrict for Homestead Exemption in January of any year to quality for a discount on your yearly property taxes.

2. Purchase a one year Home Warranty contract if you didn't purchase one when you closed on your home.

3. Replace the air filter in your furnace monthly, service the air conditioner and furnace yearly, place sprinkler hoses around the foundation to keep the soil moist and prevent shifting and futureproblems.

4. Pay your mortgage on time to prevent your credit scores from dropping and pay extra every month toward the principle which will enable you to eliminate years from the term of the loan.

Bob Smith, Realtor

3902 Blacksmith Dr

Garland, Texas, 75044