Now is a great time to considering financing a home. Rates are still low and the price of most homes is still below value.
Here are some tips on financing Fairbanks real estate:
1. Get your finances in order
You don't want to sit down with a lender and have them look at your credit report before you even have. Make sure you know what is on your report and clear up any mistakes or issues. Close any accounts that are clear and in the past and make sure everything on the report is accurate and up to date.
2. Find a lender you trust
Many buyers simply go with who they were told to go with. Or maybe a family member or friend. Remember, this is the biggest purchase you are ever going to finance. You want to be absolutely sure you know what you are doing every step of the way. If there is anything you don't understand, make sure the lender explains it to you. This is your money and no one should know more about it then you. Shop around for the best rates and fees. Check out our mortgage brokers for current rates and programs. We are sure to have one that fits your needs.
3. Set aside some money for out of pocket expenses
Even if you are getting a zero down loan, you may need money for out of pockets costs like inspections and earnest money deposits. These are typically 1-3% of the purchase price with the inspection costs running anywhere from $300 - $800. Also, don't buy a home for the maximum allowed just because you can. You may want to furnish it, update it, change features about it and that's hard to do when all your monthly income is going into the house payment.
With these simple steps you can be assured you will walk into homeownership with confidence and financial peace. Feel free to contact us anytime for a tour of Fairbanks homes in the area or help with finding a lender that meets your needs.