Ardmore, OK - October 25, 2022 - Members of The Mortgage Cabal compiled this list of 9 home buying tips to help anyone considering to move into a new house in the next 12 months.
1. Heather Robison at Union Home Mortgage — The Mortgage Lady Team says to set a maximum monthly mortgage payment for your comfort level. We can use this number to work backwards into a purchase price based on the area you are looking to purchase.
2. Visit prospective neighborhoods on varying days and times to get a real feel for the neighbors, traffic and your comfort and safety level. That is the advice from Louis “Sweet Lou” Schornstein in New Jersey.
3. Zach Kraft with Team Mr. Mortgage @ eMortgage Lending, Inc recommends exploring your budget in detail early. Look at how much you are spending and see how much you are wasting on things like subscriptions, eating out, and even review your auto insurance.
4. Make sure you take a look at temporary buydowns, they can help keep payments down in the short term. This will hopefully buy you some time to refinance if rates come down in the next couple of years. These are suggestions from Dave Osofsky with Bluefish Home Loans.
5. John Richter with Edge Home Finance encourages buyers to ‘know before you go’. Know your credit situation and your income to make sure you are qualified for the home you want to look at.
6. Verify advice from your friends, parents, cousins, long lost relatives that they give you from when they bought their house 20 years ago. Today is different according to Wilson Enriquez with Ideal Lending.
7. Ryan Niles has a team at Cornerstone Home Lending and says higher rates equals fewer buyers. There is not as much buyer competition so you currently have a better selection of homes and do not need to overbid on a home nor release financing and inspection contingencies to get your offer accepted.
8. Start looking at the homes that are priced less and need work. Renovating and creating your own style is a win-win without putting money out of pocket according to Dmitry Kievsky at Cliffco Mortgage Bankers.
9. Coach Charles McCulloch says to make sure you use the right loan product. Many people believe the market will adjust and rates will settle lower than they are now. However, that will never be guaranteed. So, make sure when you are evaluating which loan product is best for you, use your current situation as the measuring point, not a potential future refinance or different income projection.
About The Mortgage Cabal
The Mortgage Cabal is a higher level group within The Legion of Loan Officers, America’s mastermind for smart mortgage professionals.
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