Spring marks the official start to the home-buying season. Whether you’re looking to expand or downsize, it is a great time to take advantage of the low-interest rates and the favorable housing market. But, before you take your first home tour or make any type of offer, here are a few reasons to speak to your banker first:
1. KNOW WHAT YOU CAN SPEND.
Nothing is worse than finding the perfect home and realizing it is out of your reach financially. Don’t waste time looking at homes that are priced outside of what you can afford. Speak with your banker first - you may find you actually qualify for a higher loan amount than you think. Knowing your exact qualification amount can save you a great deal of time and energy.
2. BETTER SCORES, BETTER RATES.
Your credit scores are an overall representation of your credit-worthiness and can ultimately determine your interest rate. Remember, the higher your scores, the lower the interest rate and the less interest you will pay over the life of the loan. This can add up to real savings each month and over the course of the loan. Learning your scores in advance can also allow you the time to work on improving them and help you secure a lower rate.
FLEX YOUR PURCHASING MUSCLES.
Going to a home seller with a pre-qualification letter offer shows you mean business. In today’s competitive housing market, the power of a pre-qualification can help. Sellers are more eager to accept an offer from a qualified buyer.
3. SO MANY OPTIONS.
There are many different loan options available for home buyers today. Knowing which loan program fits your financial situation, lifestyle, and specific home purchase goals is key to getting that new home and allowing you to be comfortable with your new monthly payment. Let your banker review these options with you.
4. REMODEL OR REFI.
You love your home now, but an extra bathroom or updated kitchen would be perfect. Using the equity you have now, a Home Equity Line of Credit from United Community Bank is a great option to help you with whatever you need. And, remember a Home Equity Line of Credit can also be used to help consolidate debt, make large purchases, pay school tuition or support anything else that you and your family may need.
If paying your home off sooner or lowering your monthly payment is at the top of your list, a refinance may be the solution. Your banker is available to help you navigate the process and will work with you to reach your goals.
When you’re ready to take the next step, start by meeting with your local United Community Mortgage Services banker first.
Please contact Ginger Kilman, Branch Manager NMLS#795215 Snellville Branch 770-985-2337 or Nancy Cain, Branch Manager NMLS #1187274 Lawrenceville Branch 770-237-0007.
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