Buying or selling a home can be an exciting time in a person’s life but there are some common mistakes people tend to make. As the real estate market heats up again, understanding the housing market may help you make your decision on when to buy or sell. While it can seem like a daunting task, the experts at Pacor Mortgage can assist you through the process. Here are some tips when it comes to buying and selling your home.
First-time Home Buying Do’s and Don’ts
Do’s:
1. Check Your Credit
It’s important to know your credit score before buying a home. The lower the credit score, the higher the costs for private mortgage insurance and higher loan costs will be. Visit Pacor Mortgage to find out your credit score and begin the conversation for applying for a mortgage loan.
2. Shop For a Mortgage
It’s important to look at mortgage rates depending on the loan you are looking at. Checking online interest rates is only the beginning. Remember that different loans can give different mortgage rates so try to do your homework. Contact a lender and get loan estimates including interest rates and fee commitments at Pacor Mortgage.
Don’ts:
1. Give Social Security Number to Everyone
Know for certain that you are ready to apply for a home loan before giving out your social security number. When speaking to a lender, give them your credit score so they can provide more accurate information regarding rates and what you need for a down payment. If you are simply inquiring, there is no need to provide your social security number to multiple lenders because this could hurt your credit score. At Pacor Mortgage, we ask our clients to provide some information without giving us a social security number. This allows our experts to provide you some basic information about a loan so you have an idea of where you stand.
2. Make Big Life Changes
Changing jobs before buying a home or moving money around can hurt your chances of getting approved for a loan. As a first-time homebuyer, you may not understand the financial consequences when making life changes while applying for a loan. If the application is written a specific way and states where the money is coming from for a downpayment, changing it before the application is approved can cause the application to be rewritten, fees to go up, and potential loss of getting approved. It can also drop your credit score and potentially risk your approval. If you are looking to apply for a mortgage loan, contact Pacor Mortgage to help you with all the details so you are aware of the process.
First-time Selling Do’s and Don’ts
Do’s:
1. Establish an Offer Due Date
Putting the price of your home where you want it gives a buyer the chance to view it and mull it over. Try to price your home a little under expected value, and do not accept offers right away. This helps drive the price up while giving you a clearer picture of only the serious purchasers.
2. Know What’s Best in the Current Market
Your real estate agent can help you strategically plan for selling your home based on how the market is doing. This could mean having multiple open houses or listing it as a pocket listing depending on the price range of your home.
Don’ts:
1. Don’t Price Your Home Too High
Pricing your home too high as soon as you put it on the market will deter people from looking at your house. In short, pricing a property too high can kill momentum and ultimately lead to no traffic when it comes to selling. Ultimately you don’t want buyers to hesitate when it comes to putting an offer in on your home. If you are unsure of how to price your home, it’s best to contact a real estate agent to help you with the process from beginning to end.
2. Don’t Assume You Can’t Sell in the Spring
You don’t have to hold off until the popular or traditional selling season. Especially when in a market where buyers outweigh the number of homes on the market, the sale of your home at the price is ideal any time or any season.
If you are a first-time homebuyer or seller, these do’s and don’ts may help you avoid common mistakes. Contact Pacor Mortgage for all your mortgage loan needs at 773-881-7744 or visit our website to learn more.
2019 Pacor Mortgage Corp.
Loan officer NMLS #: 208731. Loan inquiries and applications in states where I am not licensed will be referred to a Pacor Loan Officer who is licensed in the property state. Pacor Mortgage Corp. is located at 14930 S Cicero Ave, Oak Forest, IL 60452, Phone 773-881-7744 (NMLS #120945). Pacor Mortgage Corp. is an Illinois Residential Mortgage Licensee #MB.0000892 (IDFPR, 100 W. Randolph Street, 9th FL, Chicago, IL 60601, ph #888-473-4858). Pacor Mortgage Corp holds additional licenses in the following states: FL #MLD1075; IN #DFI13177; OH #MB.804151.000; PA #43855; WI #120945BA; MI #FL0828, MI #SR1130, CO, and CA.This is not an offer for an extension of credit. Any of the advertised products may be discontinued at any time. Information and pricing are subject to change at any time and without notice. Pacor Mortgage Corp. is not affiliated with your current lender, nor is it an agency or extension of the Federal Government, Fannie Mae, Freddie Mac or HUD.