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ESTATE
The $8,000 ederal tax credit or frst-timehomebuyers is scheduled to expire onDecember 1, 2009. However, in order toqualiy, the transaction must be closed on orbeore November 30th, essentially leavingfrst-time buyers with less than three monthsto complete the process. This assumesapproximately 45 days to search or a homeand another 45 days to obtain mortgagefnancing and complete all the necessarysteps to closing, including appraisals,inspections and title work.For those frst-time buyers who are in theearly phase o entering into the home buyingprocess, Coldwell Banker Reehl Properties,Inc. oers consumers the ollowing fve stepsor speeding up the process:
1
Find a Qualifed Real Estate Agent
Mortgage rates remain at near-record lows,reducing monthly payments substantially.This helps you lock in a payment that fts yourbudget. Hurry, and take advantage o the lowinterest rates now!
2
Know Beore You Go
The frst step in the home buying processshould always be to have an idea o the typeo property one wants to buy. By separatingthe “must haves” rom the “wants,” home-buyers can ocus on what’s really important.Free online tools such as Coldwell Banker OnLocation (http://www.youtube.com/coldwell-banker ) and the recently launched mobileapplication or iPhone and Android devicesare available to help consumers quickly andconveniently learn about neighborhoods,view what’s on the market and comparehome prices in over most U.S. markets and28 countries worldwide.
3
Get Your Credit Report In Order
IA sound fnancial track record and solidcredit score can help lock in a home loan andlower interest rates. Lenders today are look-ing at prospective borrower’s credit reportsmore closely than ever so it’s important toexamine one’s credit report or mistakes anderadicate any “toxic” debt such as overduecredit-card payments beore the home shop-ping begins. Rectiying mistakes is easy todo but it can be a time consuming process.Checking a credit score and addressing anyerrors will help expedite the approval pro-cess when it comes time to make an oer.
4
Get Your Pre-Approval
Once the paperwork is in order, it’s time toget pre-approved or a mortgage. “Pre-approval” means that a lender has verifedthe borrower’s credit and other credentialsand is committed to making a loan. Theborrower is not obligated to get a loan romthe lender that oers the pre-approval letterbut keep in mind that a pre-approval doesinvolve giving permission or a hard creditinquiry. This could potentially result in asmall ding on the borrower’s credit report.Getting this early green light, however, willput homebuyers in a stronger position withsellers, demonstrating how serious they areabout home ownership – and that they arewell-qualifed.
5
Shop or the Most FavorableMortgage Option
People can ace misunderstandings andeven lose their homes i they don’t ullyunderstand their mortgages. It’s imperativeor homebuyers to educate themselves onthe risks o the dierent types o mortgagesand select the right one or his / her amily.Early on, shop around or the most avorablemortgage rate and terms. A dierence o even hal a percentage point can mean aconsiderable savings over the lie o a loan.For more inormation on mortgages visithttp://www.bankrate.com/mortgage.aspx.
For more information, call (251) 990-6622 orvisit www.reehlproperties.com today.
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