4 Smart Strategies When Buying Your Next Home

Now that you've decided it time to make a move, you probably need to ensure your finances are all in order. There are several steps one could take especially during the initial stages. Here are a few checks you can do to ensure success.

1.) Make sure you have your credit clean! One 30 day derogotary on a credit card can mean several points drop of your FICO Score. Feel free to download the Credit Handbook. This FREE handbook has covers various topics such as FICO score and how to increase it as well as where you can have a FREE credit report pulled once a year.
2.) Compare Interest Rates (today's rates). It is always prudent to make sure you are being taken care of. One very important step is to get a "guarantee" on closing costs. Once you find a Lender/Broker to work with, collect all necessary documents upfront and maintain them in a secure place.

3.) Maintain at least 6 months of payments in the bank once you close the loan. Typically banks will like to see you have "floating Power". Normally they would like to see 6 months of your monthly payments. Now, there are banks that will not check on your funds, and OK gift of funds, but its still wise to ensure you have 6 months of reserves. Rates may vary so ask your Mortgage Consultant what loans are available.

4.) Keep abreast of the Economic Factors that may play a big factor in your loan process. A favorite website is the Market Commentary page.