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How to Avoid 10 PITFALLS when Buying a House

How to Start?

Many home buyers are excited to get pre-approved—but be aware, acquiring financing quickly means you’ll have to put in more work.

Gather your financing information in order before you call lenders. In order to make an offer on a home, especially a nice, big house, you’ll need to secure a FICO score of 620 and above.

Lenders don’t usually lend to investors unless they have a substantial amount of money to put down. If you don’t have much money or credit, you’ll need a coach or mentor—or better yet, better yet, hire a team of professionals with money.

Earn Your Points

Couple in Real-Estate Agency Talking to Real Estate Agent

You should also shop around to secure financing with different lenders. Call three to five lenders to find one that fits your needs. You ideally want the lender that offers the highest “points”—or the highest interest rate. You should also research the terms.

Follow these instructions at www.biggerpockets.com to learn how to develop your financing strategy. After you begin shopping for properties, you’ll know more about banks, mortgages.

 

 

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