Home Buyers Need to Organize Before Buying a Home
Buying a home is one of the most important financial transactions you can make and it is important to prepare for a successful purchase. Currently interest rates in Stockton, Lodi, Elk Grove and surounding communities remain low. Much of the inventory for Homes in Stockton, Homes in Lodi on the MLS for sale are what the Real Estate Industry call distressed properties: they are either foreclosures or short sales.
Buying a home can be time consuming. One way to save time is by organizing all the necessary documents most lenders require, such as those that prove employment and income. Typically, lenders want two recent pay stubs, two years of tax returns, bank statements, proof of assets, such as 401(k) and trusts, and debts, such as credit card statements. Documents are especially important for borrowers who are self-employed.
- Even if a home purchase is months or years away, having good credit history is essential. A few points on a FICO score can mean the difference between a higher or lower interest rate offered on a mortgage loan.
- Borrowers also are advised to monitor home-lending rates. Every Thursday, Freddie Mac officials calculate average mortgage rates by compiling rates from lenders across the U.S. on Monday through Wednesday. Rates can be found at www.freddiemac.com/pmms .
The Real Estate Team of Maria Estrada and Hugh Lilly At PMZ Real Estate have been helping buyers realize their real estate dreams for over 30 years. Call us for your buyers package at 209-479-9222 or call e-mail us at hometeam@homes-in-stockton-forsale.com
Stockton Neighborhoods: Brookside, Lincoln Village, Morada, Morada Ranch, Beck Ranch Spanos Park, West Spanos Park, Weston Ranch, Port of Stockton, UOP.
Stockton and Lodi Zip codes: 95208, 05204, 95205, 95206, 95207, 92209, 95210, 95212, 95215, 95219, 95242. 95240
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