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    4 Tips for First-Time Buyers in Plymouth, Canton, Northville

    Canton Home Buying 3This holiday season, give yourself a gift that you’ll never forget: Your very first home!

    This is an excellent time to give yourself this gift in Plymouth, Canton, and Northville Michigan! Right now, interest rates are near historic lows, there’s a wide selection of available homes on these markets and it’s easier than it has been to secure a mortgage.

    Don’t rush off! You’ll want to check out these helpful tips before you get started

    Check Your Credit. This might not be something you’ve ever even needed to consider in the past. But it may be one of the most important factors when it comes to qualifying for a mortgage, so be sure to check your score.

    One way you can do this is to check out www.AnnualCreditReport.com, which will provide you with a free credit report from each of the three credit bureaus. Look at the reports to see if there are any mistakes which may impact your score. And remember, there are a lot of things that impact your score. For instance, it’s not just about paying your bills on time. The ratio of credit you use versus your credit limit can impact your score, as can your credit utilization ratio.

    If you do have a lower-than-ideal credit score, don’t worry too much just yet. Repairing a damaged credit score can take time but it can be done!

    Take an inventory of your assets and your liabilities. In other words, look at how much you’re making and how much you’re spending, as well as how a mortgage company is going to look at your financial situation.

    For instance, some professionals like those who are self-employed or who are in a straight-commission sales position may find it more difficult to get a loan than someone who has a regular, predictable paychecks.

    Once again, no particular scenario is going to cancel your chances of getting a home from the get-go. But, it is good to have a working knowledge of your financial status so that you know about any hurdles that might get in the way.

    Get your documents organized. You’d be amazed how much paperwork is involved with purchasing a home! Save yourself a headache down the road by organizing these documents before you enter the market. These typically include two recent paystubs, the previous two years’ W-2s, tax returns and the last two months of bank statements. It may seem a little invasive at first but handing in this paperwork is meeting two goals for the lender: Verifying your income and verifying your taxes.

    Get yourself qualified. This means that you go to a lender and get pre-qualified or – even better- pre-approved for a specific loan amount. Taking this step before you ever start talking with a seller will really work in your favor because the home seller will see that you’re serious about investing in property. Plus, it will save you that much more work down the road because you will have already gotten the ball rolling with a home loan.

    Talk with your agent today to see how you can get the home-buying process started with a pre-qualification.

    Contact Us For More Canton Home Buying Resources

    We hope you found theses tips useful as a prospective, first-time home buyer. Investing in your first home really is a life-changing and memorable experience and we’re so excited for you if that is ultimately the step you decide to take.

    If you need any help, please remember that we here at The Bittinger Team are just a call or click away. As experienced southeast Michigan REALTORS®, we know how to navigate the market in order to get you the best outcome. So contact us today to see how we can help!

    Till next time,

    The Bittinger Team

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