Suzanne Plewes, RE/MAX Alliance
LOVELAND – Spring is home buying season! If you plan on purchasing a home this season, here are some important do’s and don’ts to remember as a
home buyer.
Here’s what to do
• Get your financial paperwork inline (paystubs, tax returns, W-9s, bank statements, investment asset statements, etc.).
• Continue to pay your bills on-time.
• Pay down your credit card balances.
• Know what your credit score is.
• Correct any errors on your credit reports.
• Work with a local real estate professional.
• Select a local lender to work with.
• Monitor the real estate market. Be aware that in some markets, homes are selling for above the asking price.
• Get pre-approved for a mortgage before scheduling showings so that you don’t fall in love with a home that you cannot afford.
• Compare mortgage options (based on interest rates, closing costs, down payment requirements, and other terms).
• Ask about any special loan programs.
Here’s what you don’t do
• Apply for new credit (loans, credit cards, charge cards, etc.). Pulling your credit too often will reduce your score and look suspicious to lenders.
• Increase balances on credit cards. The higher your balances, the lower your score will be.
• Make late payments on credit cards and loans. This will reduce your score and is also viewed heavily by lenders.
• Make large cash deposits into your bank accounts. This will be questioned by lenders.
• Start viewing homes without knowing your price range first.
• Go through the process without guidance from a buyer agent.
As a home buyer in Colorado, you have the right to obtain assistance from a buyer agent. Buyer agents work for you, rather than for the seller. They can provide valuable guidance and support through every step of the home buying process, which can get quite complicated.
Suzanne Plewes is a Broker Associate at RE/MAX Alliance in Loveland. For real estate questions write to 750 W. Eisenhower Blvd., Loveland, CO 80537, call 970.290.0373 or e-mail [email protected].
By Suzanne Plewes, RE/MAX Alliance in Loveland
