VP REALTY’S ONE STOP SHOP: TIPS FROM A REALTOR/LENDER

VP REALTY’S ONE STOP SHOP: TIPS FROM A REALTOR/LENDER

Q: What is the first thing you do when you want to buy a house? 

A: The first thing you want to do is contact us, and we will talk about financing a house! We will look at things like your monthly budget and how much money you have down. This gives us the opportunity to explore different loan options. 

Q: How long before I am ready to buy a house should I contact you? 

A: At least 6 months. The longer we have to work with you, the better. We will have you fill out a loan application and then we will be able to do a soft credit pull and see if there’s anything you need to do to raise your score. We will then send you to our credit repair team, who then emails you a plan to carry out. A high credit score makes a huge difference with your interest rate – the higher the credit score, the lower your interest rate! 

Q: Do I need to save a ton of money to get into a house? 

A: No, you do not need to save a ton of money to buy a house. We have a loan program called USDA – you can use the USDA eligibility map to see if a property you are looking at is eligible. You can search for these houses in rural areas – there are a lot of properties in Garrettsville, Mantua, and other surrounding areas qualified for this loan, and it is 0% down. We also can ask the seller to tie in any closing costs you may have with the purchase price. I have seen people get into houses for the cost of the appraisal, which is only $600. 

Q: What if the house is not in a USDA eligible area? 

A: If the house is not in a USDA eligible area, we have two other low down payment loans options. You can do an FHA loan, which is 3.5% down. Additionally, if you have a higher credit score and lower monthly debt, you may be able to do a conventional loan for only 3% down. 

Q: If I do not have cash in the bank, what are some other options for a down payment? 

A: A common way clients get money for a down payment is pulling from their retirement account. This can sometimes be done tax-free, however, please consult with your financial advisor. 

Q: If I am ready to purchase now, can I contact you to get a loan and to help me find a house? 

A: Yes! We will get you pre-approved for a loan and we will also help get you into a house. We are licensed realtors. We will help you find a house and be present for inspections – and because we are lenders, we will not be working with an outside party, so we will know what is going on throughout the entire process so we can get you to the closing table! 

Q: If I find a house I like, will I be competing with other buyers? 

A: The market has been hot for awhile – so, if the house is priced right, in a good condition, and in a good location, most of the time you will be competing with other buyers for the house. Thankfully, if we can get your loan started immediately, we will send all of your documents to the underwriter and remove any loan conditions. That way when you do find a house, we will be able to write up the offer that we can close in two weeks. The seller will like this because other offers will need 30-45 days to close. It’s likely they will want their money as quick as possible and will probably go with your offer. 

Thinking about buying a home? We have your Real Estate Money!

Have you ever wondered how to buy a house? Purchasing a home can seem like hard work but Vincent Patrick Realty is here to help.  If you’re not paying cash to buy a house, you need a pre-approval to know what kind of loans you are eligible for. This is how your dream home will be financed. To be approved for a loan you will need; Bank statements, pay stubs, last two years of taxes. Looking to buy a fixer upper home? You’ll need a higher credit score. Read more about how to buy a house here. 

If you are interested in working with Lauren Patrick, Equity Capital Mortgage Group, A Division of Gold Star Mortgage, apply for a mortgage here.

Lauren Patrick | Licensed in OH – NMLS #2314126

Rebekah Stout | Licensed in OH – NMLS #2340649

Gold Star Mortgage Financial Group | NMLS #3446

About Vincent Patrick Realty

If you are interested in a career in real estate, finding properties or selling your own please reach out to us at (330) 577-3546
or schedule a 15 Minute Phone or Zoom video Meeting. We offer free CMA’s and Listing Consultations to help you find a realtor that works best to fit your selling needs! Connect with VP on social media.
To get help buying or selling real estate or investing check out our webinars!