So You Want To Buy A House?
This is a story I've heard again and again from both potential new clients and Loan Officers. The new clients arrive at my website,
Burrows Properties, and begin their search for a house, often believing they can spend more than what they will really be able to spend when it comes time to seal the deal. But that isn't the end of it. When I finally make contact with them and inquire if they've spoken with someone about a new mortgage the response is generally, "No". Of course I then strongly suggest that they do. I further inform them that until they do this, internet searching will be the extent of what they can expect to accomplish in finding a house. Why? I simply do not take people house shopping until they are pre-approved for a loan which includes the maximum amount they can spend on a house.
This is where the Loan Officer enters the picture. Specifically, when the Loan Officer checks their credit and I hear that they have too much debt! Not bad credit, just too much debt! This is huge because of what the bank refers to as debt to income ratio.
So, can the too much debt be fixed? The answer is "Yes". With proper education, dedication and commitment, debt issues can be corrected. By the way, my one word definition of commitment is, "inconvenience". Be prepared, it isn't easy, but the road you are currently traveling on with your credit can be changed! I've personally watched this transpire many times.
I was on Dollar Stretcher this morning and noted a very good article worth reading. It is called, Consumer Tips For Dealing With Debt. I hope you will become deeply committed to dealing with your debt and your credit. That new house doesn't have to be that far into the future. It is really up to you.
David L. Burrows, Realtor®
Northern Virginia Fine Homes
Reston, Virginia 20191
Phone: 703.391.9200 x9119
Burrows Properties
Your Credit Thought for the Day: Making positive changes to your credit is always done through doing the right things, with strong commitment, and it always takes time. Remain dedicated to the cause and it will happen.
Interested in some great reading on selling your home? Take a look at these articles on my website: Selling Your Home: Where do you begin?
Seller Guidance: I would encourage you to employ a Realtor® to help you sell your home. When your agent or another agent is showing your house, go away and let them do your work for you. I also urge you to utilize my FREE SELLERS TOOLKIT before selling your house.
Buyer Guidance: I would encourage you to really check out anything and everything you are told by a well meaning seller. Employ the services of a Buyer's Agent to help you discern what you read and listen to about the area you are thinking of calling home. I would also urge you to get my FREE BUYERS TOOLKIT before heading out on the journey to find your new house.
Try this link to help you find your next home: Fairfax Homes For Sale When you land on the main page try one of our custom searches listed on the bottom of the page. No registration is necessary for the Fairfax MLS general search on my site. If you check the box to receive automated updates sent to your email, you will be required to give us your name and a valid email address.
Northern Virginia Information - Here you will find answers to your questions about schools, auto registration, taxes, things to do this weekend, popular destinations. It only takes a moment to look and it is free with no registration required!
Click on the following link for your Complimentary eCalendar & Daily Planner. This is a Free Gift from David. There is absolutely NO sign-up, registration, tricks, or gimmicks. It really is free for you to enjoy! This is a great tool for keeping track of your schedule for all of your Real Estate needs. There is NO obligation.
This blog may contain links to other Web sites operated by third parties. These links are provided as a convenience to access the information contained therein. David Burrows and Northern Virginia Fine Homes have not reviewed all of the information on other sites and disclaim any responsibility for the content of any other sites or the products or services that may be offered on or through those sites. Inclusion of a link to another site does not indicate any endorsement or approval of the site or its content.
David Burrows and Northern Virginia Fine Homes disclaim liability for any damages or losses, direct or indirect, that may result from use of or reliance on information contained in this blog.