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Get Finances in Order

Get Your Finances In Order and Get Pre-Approved For A Naples Home Loan:  These Helpful Hints May Help You.

In today's real estate market it is extremely important to be preapproved for a Naples mortgage prior to submitting an offer.  Being pre-approved for Naples home loans requires that the lender verify your financial information and commits them to provide you home financing for a certain amount. This, in effect, makes you a cash buyer AND you are able to beat other buyers to hot, new listings because you are there first before most other buyers.  Most importantly saving you save Time & Energy. 

8 Steps to Get Your Finances in Order

 Develop a family budget. Instead of budgeting what you’d like to spend, use receipts to create a budget for what you actually spent over the last six months. One advantage of this approach is that it factors in unexpected expenses, such as car repairs, illnesses, etc., as well as predictable costs such as rent.

  1. Reduce your debt. Generally speaking, lenders look for a total debt load of no more than 36 percent of income. Since this figure includes your mortgage, which typically ranges between 25 percent and 28 percent of income, you need to get the rest of installment debt—car loans, student loans, revolving balances on credit cards—down to between 8 percent and 10 percent of your total income.
  2. Get a handle on expenses. You probably know how much you spend on rent and utilities, but little expenses add up. Try writing down everything you spend for one month. You’ll probably see some great ways to save.
  3. Increase your income. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want.
  4. Save for a downpayment. Although it’s possible to get a mortgage with only 5 percent down—or even less in some cases—you can usually get a better rate and a lower overall cost if you put down more. Shoot for saving a 20 percent downpayment.
  5. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment. Instead decide on a certain amount a month you want to save, then put it away as you pay your monthly bills.
  6. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate.
  7. Establish a good credit history. Get a credit card and make payments by the due date. Do the same for all your other bills. Pay off the entire balance promptly.


 mortgage calculator

 

Budget Basics Work Sheet

The first step in getting yourself in financial shape to buy a home is to know what you make and what you spend now. List your income and expenses below.

Income

 

Take-Home Pay/All Family Members

 

Child Support/Alimony

 

Pension/Social Security

 

Disability/Other Insurance

 

Interest/Dividends

 

Other

 

Total Income

 

 

Expenses

 

Rent/Mortgage

 

Life Insurance

 

Health/Disability Insurance

 

Vehicle Insurance

 

Homeowners or Other Insurance

 

Car Payments

 

Other Loan Payments

 

Savings/Pension Contribution

 

Utilities

 

Credit Card Payments

 

Car Upkeep

 

Clothing

 

Personal Care Products

 

Groceries

 

Food Prepared Outside the Home

 

Medical/Dental/Prescriptions

 

Household Goods

 

Recreation/Entertainment

 

Child Care

 

Education

 

Charitable Donations

 

Miscellaneous

 

Total Expenses=

 

Remaining Income After Expenses=

 

 

8 Ways to Improve Your Credit

Along with your overall income and debt, credit scores are a big factor in determining if you’ll qualify for a loan and what loan terms you’ll be able to qualify for.

1.      Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else’s poor financial management.

2.      Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score.

3.      Don’t charge your credit cards to the maximum limit.

4.      Wait 12 months after credit difficulties to apply for a mortgage. You’re penalized less for problems after a year.

5.      Don’t purchase big-ticket items for your new home on credit cards until after the loan is approved. The amounts will add to your debt.

6.      Don’t open new credit card accounts before applying for a mortgage. Having too much available credit can lower your score.

7.      Shop for mortgage rates all at once. Too many credit applications can lower your score, but multiple inquiries from the same type of lender are counted as one inquiry if submitted over a short period of time.

8.      Avoid finance companies. Even if you pay the loan on time, the interest is high and it will probably be considered a sign of poor credit management.

 

This information is copyrighted by the Fannie Mae Foundation and is used with permission of the Fannie Mae Foundation. To obtain a complete copy of the publication, “Knowing and Understanding Your Credit,” visit http://www.homebuyingguide.org.

5 Factors That Decide Your Credit Score

Credit scores range between 200 and 800. Scores above 620 are considered desirable for obtaining a mortgage. These factors will affect your score.

  1. Your payment history. Whether you paid credit card obligations on time.
  2. How much you owe. Owing a great deal of money on numerous accounts can indicate that you are overextended.
  3. The length of your credit history. In general, the longer the better.
  4. How much new credit you have. New credit, either installment payments or new credit cards, are considered more risky, even if you pay promptly.
  5. The types of credit you use. Generally, it’s desirable to have more than one type of credit—installment loans, credit cards, and a mortgage, for example.

 

C

Ellen Mann, P.A.,
Realtor ABR,CIPS,GRI,TRC 

(239) 434-9021 cell-(239) 571-4416-  

Premiere Plus Realty

 

© 2017, The data relating to real estate for sale on this Website come in part from the Broker Reciprocity Program (BR Program) of M.L.S. of Naples, Inc. Properties listed with brokerage firms other than Premiere Plus Realty are marked with the BR Program Icon or the BR House Icon and detailed information about them includes the name of the Listing Brokers. The properties displayed may not be all the properties available through the BR Program. BR data on this website is provided by Premiere Plus Realty on behalf of Ellen Mann, P.A.. The source of this real property information is the copyrighted and proprietary database compilation of the M.L.S. of Naples, Inc. Copyright 2006 M.L.S. of Naples, Inc. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it. Data last updated 2017-05-22 09:00:31.

© 2017 Bonita-Estero MLS All rights reserved. Information deemed to be reliable but not guaranteed. The data relating to real estate for sale on this website comes in part from the Broker Reciprocity Program. Real estate listings held by brokerage firms other than Premiere Plus Realty are marked with the BR logo and detailed information about them includes the name of the listing brokers. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-05-22.

Copyright 2017 Multiple Listing Service of Greater Fort Myers and the Beach, Inc.; All rights reserved. The data relating to real estate for sale on this web site is the copyrighted and proprietary database of the Multiple Listing Service of Greater Fort Myers and the Beach, Inc. The properties displayed may not be all of the properties in the MLS\' database, or all of the properties listed with Brokers participating in the cooperative data exchange program. Properties listed by Brokers other than Premiere Plus Realty are marked with BR logo and include the name of the listing Brokers. Information provided is thought to be reliable but is not guaranteed to be accurate; buyers are advised to verify facts before making the decision to purchase a property. No warranties, expressed or implied, are provided for the data herein, or for their use or interpretation by the user. Information provided is for consumer\'s personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. This site will be monitored for \'scraping\' and any use of search facilities of data on the site other than by a consumer looking to purchase real estate, is prohibited. Listing broker has attempted to offer accurate data, but buyers are advised to confirm all items. Information last updated on 2017-05-22.


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Buying a New Home in NaplesThis is the time when you really need an agent to represent you and your interests.The professional sales people at the development are employees of the developer and it is their job to represent the developer and protect his interests.  
My job is to represent you and protect your interests – not the developer’s. Just let me know what development you are interested in and I will have a packet of information sent to you ASAP- Call – 239-434-9021 or email me.

 

ABR - Accredited Buyer RepresentativeCIPS - Certified International Property SpecialistEqual Housing OpportunityGRI - Graduate, REALTOR® InstituteMLS membershipREALTOR® certification