8 Homebuyer & Homeowner Tips from Eli Sklar of FM Home Loans

Some helpful tips on the beginning stages of the Homebuying process and a few tips for Homeowners too!

1. GET PRE-QUALIFIED: Getting prequalified on a home gives you an advantage when you decide to place an offer. Not only does a prequalification let the seller know you are serious and can afford the home, it gives you, the buyer, an idea of what your price range is and how much you are able to spend.
2. KNOW YOUR CREDIT SCORE: Your score directly affects the amount you will be loaned. This can be the difference between the home of your dreams the home “for now.”
3. IMPROVE YOUR CREDIT SCORE: Find out how to improve your credit score to get you the best price range for purchasing a home. Good credit shows you will be an ideal candidate and up-to-date on every mortgage  payment.
4. KNOW WHAT YOU WANT: Letting your lender know exactly what you’re looking for helps them figure out your rates and terms. Most home browsing now begins on the internet, so begin searching online for homes you are interested in to have an idea of the market. Be honest with your lender.
5. MAKE SURE YOU’RE SAVING: Depending on the loan you’re approved for, you may or may not have the down payment saved. Begin putting aside savings for this.
6. KNOW YOUR REAL ESTATE AGENT: Keeping an open dialogue with your real estate professional ensures you will receive the most up-to-date information and your transaction will move smoothly.
7. When you’re a homeowner: LEARN YOUR LOAN: Know what your payment covers. There may be additional payments due (i.e., homeowner’s association).
8. When you’re a homeowner: PAY ON TIME: To maintain the credit you worked hard to receive, make sure your payments are on time.

FHML Realtor Partner Program: Eli Sklar, Loan Officer, esklar@fmm.com, 516-902-8593