Additional Information for Buyers
WHAT CAN YOU AFFORD?
Before you really start to look at houses, it is highly recommended to know what price range of home that you may be able to afford. To help figure this out, you will need to know how much of a monthly payment you feel comfortable with. Step one is to call mortgage lender. It is also important to use a Lender that is LOCAL. There are a lot of Internet mortgage lenders, but you will want one who is local. You will need to submit a lot of documents throughout the process, and it is best to be able to know who that information is going to. Additionally, if there is problem, you want to be able to go to someone’s office to take care of it.
You may also want to plug in some figures into a Mortgage Calculator. A mortgage calculator will give you a good estimation of what your monthly payment would be. Please keep in mind that this is just for principal and interest. Taxes and insurance will be additional.
To determine what the potential tax amount is for a property, you can visit the Pueblo County Assessor's Office website. To determine the potential amount for insurance, you will need to contact your insurance agent. If you do not have an insurance agent in Pueblo, and would like a referral to a qualified agent, please do not hesitate to contact me.
Don’t Let This Happen To You
I have seen too many buyers look for a home and then find out that they cannot afford
it, or even qualify for a loan. If you do not qualify for a loan, do not give up.
Work toward that loan pre-
THINGS TO KEEP IN MIND
FOUR THINGS NOT TO DO WHEN BUYING A HOME
If you must do any of these things listed above, contact you loan officer immediately. They can advise you of your options.
WHAT DETERMINES A CREDIT SCORE
Payment history (35%)
The first thing any lender wants to know is whether you've paid past credit accounts on time. This is one of the most important factors in a FICO® Score.
Amounts owed (30%)
Having credit accounts and owing money on them does not necessarily mean you are
Length of credit history (15%)
In general, a longer credit history will increase your FICO® Scores. However, even people who haven't been using credit long may have high FICO Scores, depending on how the rest of the credit report looks.
Your FICO Scores take into account:
how long your credit accounts have been established, including the age of your oldest account, the age of your newest account and an average age of all your accounts
how long specific credit accounts have been established
how long it has been since you used certain accounts
Credit mix in use (10%)
FICO Scores will consider your mix of credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.
New credit (10%)
Research shows that opening several credit accounts in a short period of time represents
a greater risk -
Get a FREE copy of your Credit Score from www.CreditKarma.com.
It is the Buyer's responsibility to determine if there is a sexual predator in the neighborhood in which they desire to purchase. Unfortunately, no neighborhood is truly immune to such things. To find out where the registered sexual predators are living, I encourage you to visit the Pueblo County Sheriff's Office OffenderWatch® website.
David R.G. Webb
RE/MAX of Pueblo, Inc.
511 W. 29th Street, Pueblo, CO 81008
Cell: (719) 248-