Lilach Ditcher

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Getting Started Before you start looking for a home you should ask yourself a few questions: m Where do you want to live? Do you want to be close to schools, shopping or work? m What kind of house would you like (need)? Are you looking for a particular style? How many bedrooms and bathrooms do you want? Do you want a yard? m How much house can you afford? Have you consulted a Realtor or mortgage lender to determine the size of the mortgage you would qualify for? Here are a few tips to help you get organized: m Pull a credit report on yourself and make sure the information is accurate. If you find any errors take steps to correct them immediately. m Browse through real estate advertisements in the newspaper and here on (www.coldwellbankeronline.com). This will give you a good feel for the types of homes that are on the market and what they cost. m Visit open houses on the weekend. It doesn't cost anything to look, and looking at a few different homes might give you ideas for things you'd like in a house but haven't considered. m Start saving money - you'll need to have cash on hand for a down payment and closing costs. m Don't incur any additional debt. Pay down your credit cards - and don't apply for any new ones. Don't make any major purchases on credit - buy the furniture or car later. m Contact a Lilach Lee Ditcher. A Realtor that is also a Mortgage Broker can help you determine how much you can afford, and can provide you with information on homes that may interest you. Why should you work with a Realtor ®? Working with a professional Realtor to buy your home is a good idea for several reasons: m They will analyze your financial situation to help you determine how much you can afford. m They are familiar with the process of buying a home and can explain things to you. m They can easily access information on all properties listed for sale by Realtors in your area. m They can set up appointments for you to see homes that interest you. m They can help evaluate features of a property that may affect its value and future resale. m They will prepare a negotiation strategy for the property you have selected. m They will help you complete all the necessary paperwork when it comes time to make an offer. m They will help you arrange financing. m They will monitor and inform you of the progress of the purchase agreement. m They will be there at closing to answer your questions and make sure everything runs smooth. Frequently Asked Financial Questions Answers to these financial questions will help you get a basic understanding of the financing process. Q. What is the difference between "pre-qualified" and "pre-approved"? A. A prequalification consists of a discussion between a home buyer and a loan officer. The loan officer collects basic information regarding the customer's income, monthly debts, credit history and assets, and then uses this information to calculate an estimated mortgage amount for the home buyer. The prequalification is not a full mortgage approval, but estimates what a home buyer can afford. A pre-approval, on the other hand is a comprehensive approach using basic information as well as electronic credit reporting.

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