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.
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.
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 |
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Take-Home Pay/All Family Members |
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Child Support/Alimony |
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Pension/Social Security |
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Disability/Other Insurance |
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Interest/Dividends |
|
Other |
|
Total Income |
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Expenses |
|
Rent/Mortgage |
|
Life Insurance |
|
Health/Disability Insurance |
|
Vehicle Insurance |
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Homeowners or Other Insurance |
|
Car Payments |
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Other Loan Payments |
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Savings/Pension Contribution |
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Utilities |
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Credit Card Payments |
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Car Upkeep |
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Clothing |
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Personal Care Products |
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Groceries |
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Food Prepared Outside the Home |
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Medical/Dental/Prescriptions |
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Household Goods |
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Recreation/Entertainment |
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Child Care |
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Education |
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Charitable Donations |
|
Miscellaneous |
|
Total Expenses= |
|
Remaining Income After Expenses= |
|
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.
C
Ellen Mann, P.A.,
Realtor ABR,CIPS,GRI,TRC
(239) 434-9021 cell-(239) 571-4416-
Premiere Plus Realty
© 2018, 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 2018-04-21 00:08:35.
© 2018 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 2018-04-21.
Copyright 2018 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 2018-04-20.