If purchasing a new manufactured home in 2016 is among your New Year’s resolutions, here are a few ideas that will get you on the right track:
• Make a “wish list” of the features you would like in a home and make a list of the things you are willing to compromise. If you’re purchasing a home as a couple, the list of priorities is extremely important. Have a joint “must have list” and a list of the features you are willing to compromise or at least delay. Ladies, those stainless steel appliances can be added later. Be open minded and have a vision of what you want your home to look like.
• Decide on the area you want to live. Are you willing to commute an hour every work day? Do you want to live by a park? Do you want to be living in a community/park or buy your own land? Ask yourself “How is the school system rated”? These are some of the questions and factors to consider during your search.
• Familiarize yourself with mortgage terms, especially if you are a first-time home buyer. Lenders comply with new stringent rules. Ask a lot of questions.
• Review your credit and make certain there are no mistakes and all information is current on your credit report. A few good sources for free credit reports include www.creditkarma.com; however, for a small fee go to www.myfico.com. They will give you the fico scores of all three bureaus.
• Pay down your debt. Lenders will consider your debt-to-income ratio when you apply for a mortgage. Pay off the credit cards from Christmas and prepare to save for the down payment.
• Save for a down payment. The more of a down payment you can make on a home, the more impressed the lenders will be.
• Find a reputable Realtor and a mortgage broker/lender. DeTray’s works with real estate agents and lenders who work together on behalf of their clients. You will also want an agent who is proactive and who will negotiate strongly on your behalf.
• Get your paperwork in order. Lenders will ask for documentation – employment, child support payments, etc. The faster you get your documents to the lender, the sooner you will be approved and know how much you can afford.
Land prices have increased slightly, but the market still offers good buys. As foreclosures dwindle, those good buys will vanish. So 2016 may be the perfect time to make a New Year’s resolution to purchase a new home. We at DeTray’s want to help you get the perfect home.
Visualize yourself in your home and start planning all the steps needed. Use these sayings over and over in order to get your mind going in the right direction to achieve your goal.
“I will keep my credit score in check.”
“I will practice good savings behavior.”
“I will not buy more house than I can afford.”
“I will buy a home in 2016”
So many New Year’s resolutions fall by the wayside, like eating healthier and exercising, but this is one that could really happen. Everyone needs a place to live and you’ve probably already been thinking of buying a home anyway. Put these resolutions into motion, stick with them, and sooner than you think, you could be getting the keys to your new home.
May you have a Prosperous and Happy New Year!