Today, Jay Rodriguez from New American Funding is here to give new homebuyers a few tips for how to set themselves up for success when entering the market.
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Today’s guest is Jay Rodriguez from New American Funding. This past weekend we were talking when I had millennial buyers come in that got me thinking: What are the steps and tips that new homebuyers should know when they’re looking to enter the market?
Jay’s first point is to actually examine where your money is going and start saving. We live in a cashless society nowadays, so be sure that you’re keeping track of your money. There are apps that you can download that will help manage and track your expenditures, which will come in handy if you want to keep an eye on your funds.
The more money you’re able to contribute to your home purchase, the less financing you’ll need, meaning that your monthly payments will be lower. You’ll be more likely to qualify for a loan and you’ll happier with your monthly payment situation.
Further to that, pay attention to your credit. There are programs that will accept a credit score as low as 580, but the higher your credit is, the better off you’ll be in terms of what financing you have access to.
You should be speaking with a credit specialist as soon as possible in the home buying process. You need to find out what, if any, issues your credit has so that you can repair it if necessary.
You should be speaking with a credit specialist as soon as possible in the home buying process.
Apps like Credit Karma and certain credit unions will send you your credit report, but many people don’t realize that there are many different versions of your score. In the mortgage game, we’re stuck with a model that hasn’t been updated since 2009. Also, if you have medical debts or similar collections, those will be viewable on a completely different report from the one that’s pulled by Credit Karma.
Jay’s first step to beginning the home buying process is to speak with an agent you trust and like. They need to be an expert in the market and know the area you’re looking to buy a home in.
He also recommends attending open houses, which are free. These allow you to see the neighborhood and imagine yourself living there.
Finally, get yourself a lender. New American Funding is licensed in all 48 states of the continental U.S. and would be happy to hear from you. Call (949) 214-2810 to set up a consultation.
If you have any questions about real estate in Southern California, please reach out to my team. We’d love to help you.
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