June is National Homeownership Month and Clinch-Powell is here to help our neighbors make the best homeownership choices. Working with your friends at Clinch-Powell can make all the difference. The first question to answer is…ARE YOU READY TO BECOME A HOMEOWNER?
1. Check your credit score before looking for a mortgage
Look at your finances before you start the search for a home. You need to understand your credit score, and what kind of home you can afford. Many people make the mistake of falling in love with a certain house then realize it doesn’t make sense financially. Make sure your credit is strong. Since finding the right house takes an average of one to three months, we suggest signing up for a consultation with one of our certified housing counselors. There is no fee for this service. Our housing counselors are ready and available to help you understand why credit matters and how we can help you get yours ready to buy a home!
2. Shop around for the best mortgage
Proactively compare services and costs. First-time homebuyers often don’t realize they have choices and resources available to them. Doing your homework can help you choose wisely and save you money. The price of failing to do so can be quite significant after several years. The average borrower could save thousands of dollars over the life of the loan by obtaining an extra rate quote when applying for a mortgage, according to a new report from Freddie Mac. Even more could be saved by getting five quotes. Our lending department is ready and available to help you understand why shopping around matters and how we can help you get the best rate for your new home!
3. Choose your house carefully
With a mortgage-approval letter in hand, it’s time to find your home. A market with low housing supply requires a buyer to look for a “diamond in the rough”—a not-so-perfect house that could be rehabbed to make it suitable. That doesn’t mean you should settle for a house that doesn’t meet your basic needs. Keep your list of must-haves front and center, but make sure they are not really “nice-to-haves.” Our housing department is available to help you understand why choosing your house carefully matters!
Unless you’re buying in one of the most competitive markets, there is always room for negotiation. Here’s where selecting the right real estate agent pays off. Whether it’s the price of the house (probably the most important item to negotiate), the portion of closing costs to be paid or whether a warranty for major appliances is included, presenting the seller with a list of requests is important. Remember, the seller wants to sell and you want to buy. Home purchases that are mutually beneficial are made in the middle. Our housing counselors are available to help you understand how to negotiate from a position of strength and how you can get the home you want at the price you want!
To learn more about Clinch-Powell’s housing solution services, call 865-828-5927.