Friday, December 19, 2014

Thinking of Buying A Home in 2015 this Guide will help

Home ownership rates are expected to continue climbing over the next year. The coming year should bring a fresh supply of new homes, new mortgage programs are expected to be rolled out soon for first time buyers and interest rates should remain low for the foreseeable future.

Perhaps you have decided that 2015 is the year for you to take the the plunge and buy a home. If you are sure where to start, this handy guide should help. 

1. Check your credit- Remember that credit card with the $750 limit you got with the cool t shirt? Even if you paid it off and haven't used it since the night you bought a round for everybody, it still may be affecting your credit. Check out Credit or My to make sure you don't have have any old open accounts or accounts that need to be taken care of. Both sites provide excellent advise for improving your credit and MyFico will all you to purchase the same credit report many mortgage lenders use. Mortgage lenders will require a credit score of 625 for an FHA loan  and higher for other mortgage programs. 

2. Save your money - While there are a variety of mortgage programs that require little or no down payment, you will still need some cash for things like closing costs, insurance and that cool new recliner for your den. You should have about 5% of your purchase price in the bank. 

3. Get pre-approved - There are so many mortgage programs, even seasoned buyers need some guidance in choosing the best one for their needs. All have different credit, income and down payment requirements, some are limited to certain counties, VA loans are only available to active duty or prior military, guard and reserves. There is a difference between pre-approval and               pre-qualified. . Don't know who to call, contact a member of the Bo Evans Realty Team, we'll be happy to help. 

4. Make A List - You probably have a pretty good idea of what you want in your next home, but it's a good idea to examine your lifestyle and determine your wants and needs. You probably,y need a certain number of bedrooms and a particular school district but you may want a pool or workshop. Prioritize the items. Put as many items on your list as you want, separate them into "must have" "would like to have", and "would be nice to have". It also helps to make a "don't want" list for things you would like to steer clear of. 

5. Dream - by now you know what you want (and don't want) in your next home. Head over to and check out the vast inventory of homes in our area. You can also sign up for automatic updates that will email you anytime a home that fits your needs comes on the market. 

6. Get Ready - contact a member of the Bo Evans Realty Team (334-361-4661) to begin the steps to buying your next home. You will get expert advise on contracts and offers, negotiations and all the steps you need to take to be in your new home in time for a great house warming party. This step can happen at any point of this process. 

Until Next Time ....
The Bo Evans Realty Team

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