Raymond Denton

NMLS# 251483

Loan Officer / HECM Specialist

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You've Decided To Buy a Home-Now What?
By Kelly Stinefast mac0116-1869261387

KELLY’S KORNER — YOU’VE DECIDED IT’S TIME TO BUY A HOME. NOW WHAT? You have decided you want to buy a home—now what? What do you do first? If you are like most first-time homebuyers, you start looking online at homes you think you can afford, and you may even call the listing agent for that home. If the Realtor is a professional, the first thing they will ask is if you are pre-approved. The first thing you need to do is take inventory. Yes, take inventory of your savings, your spending habits, your monthly expenses, and what your credit looks like. You need to start by looking at your bank accounts. How much do you have in your savings account? You will need to have at least 3-3½% for down payment. You will also need to have money saved up for closing costs, moving expenses, and for the cost of moving utilities. Closing costs will vary depending on the state you live in. Florida closing costs contains fees such as: appraisal fees, document stamps, intangible taxes and title insurance. Speak with a mortgage professional to find out costs in your area. January is a month of new beginnings, so if you do not currently have a budget, start one. I have an excellent budget worksheet that I like to give clients. When planning a budget, you should be realistic about what your expenses will be for the year. Be sure to include money you need for car repairs, medical expenses, family’s and friends’ birthdays, holidays, and anniversaries. And don’t forget to budget for some fun. If you do not leave funds in your budget to do the things you love to do, you will fail. Budgeting is not a punishment—it is a way for us to achieve our financial goals. Checking out what your credit looks like is also very important. Your credit score will affect your interest rate on your mortgage and other loans you may take out. It also affects what you might pay on home owners insurance. Always remember that individuals with excellent credit will be rewarded with lower rates. Individuals with poor credit will receive higher interest rates because of the potential risk that the borrower will not pay on the loan and it could go bad. Once a year, on your birthday, check out what is on your credit. Review it to make sure everything on there is yours and is being reported correctly. You don’t need to pay for your score—just look at the report. For more information on these topics, contact Kelly Stinefast with Academy Mortgage and I can discuss your unique scenario. Kelly Stinefast Mortgage Loan Originator NMLS # 679724 Florida ID#L029020 Corp NMLS #3113 Fl. Lender ID # MLD241 3665 Bee Ridge Rd Suite 210 Sarasota FL. 34232 941-916-8001 www.academymortgage.com/kelly.stinefast Kelly.stinefast@academymortgage.com

NMLS# 251483

State Lic: CA: CA-DBO251483;

Corp Lic: CA: 4170013;

Licensed by the Department of Business Oversight Under the California Residential Mortgage Lending Act;