This week I am going to shift gears from specific buildings and areas in Atlanta to something a lot of people neglect until they are ready to start looking at inventory…your credit and obtaining financing for your purchase.
There’s nothing worse than falling in love with a new home or condo, telling your agent that you want to make an offer on it and then hitting a brick wall. By contacting a Lender as soon as you start thinking about making a purchase, especially your FIRST purchase, this scenario can be avoided. I highly recommend that everyone be aware of their credit score and what can be done to improve it, even if it is already in good shape.
By sitting down with your Lender and allowing him / her to gather information about your current income and assets, any necessary clean-up can start immediately. You can find out about the different types of loans and which ones might apply to you specifically. This process is not going to hurt your credit score…a home purchase is a positive thing that will add to your assets and build equity at the same time. You should also discuss how much you feel comfortable spending per month on a mortgage payment, and in the case of a condo, loft or town home, how much of that can comfortably go towards your HOA fees. This knowledge is so important when you and your real estate agent begin searching for homes, and will prevent wasting time on unattainable properties.
Through successful real estate transactions, I have formed solid relationships with several Atlanta Lenders to whom I very confidently refer business. I trust these people to advise my clients on the specifics of their mortgage options, and by communicating effectively with each other, we see that all transactions close with a Win – Win for all parties. If you are thinking about purchasing real estate in Atlanta, and would like to begin the process by speaking with one of my preferred Lenders, please let me know and I am happy to help.
Good luck out there, and always remember, I am never too busy for your referrals!