Play to Win When Buying a Home

Many areas of the United States are seeing a shift towards a seller’s market. In a seller’s market, homes for sale may receive multiple offers and are often sold in less time.  We are experiencing some of this in the Rogue Valley already.

Home sellers get excited at that news, but if you are trying to purchase a home, it may make competition a bit tougher. If you have been searching for a home and have finally settled on one that you love, don’t delay on submitting an offer.

Interest rates have been reduced to historic lows allowing you, the home buyer, to get more home for the same amount of money, which sounds fantastic.  You can lock in your rate during the loan process, only after getting an accepted offer.

Do not buy a new car or new furniture or go on a celebratory shopping  spree until your escrow has funded!  Credit ratios are VERY important at this time and if they become out of balance or new credit is extended, it can make you less likely to qualify for your home loan.  It does not matter if the offer is ZERO percent interest… it still affects your credit line.

DO pay your current financial obligations.  During the busy home buying time, it can be easy to forget to pay bills or miss deadlines – be careful because late payments will reflect negatively on your credit and could even result in your loan being denied.

Do not make changes in your employment – including changing jobs to make more money.  The key to getting a mortgage is showing a picture of stability and a job change could tarnish that image.  Wait until after escrow closes to accept the new position.

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