Carrie Richardson
Realtor
There are over 280 action items to the average residential real estate transaction. That’s a lot of things that need to be done! Having me looking out for your best interest and guiding you through the process can be a huge asset during what can already be a really stressful time.
Whether buying or selling, you can expect me to keep you informed and moving forward in the process. I make sure every action item is handled.
Whether buying or selling let me be the key to your next move.
Call Now: (205)-821-3270​​
First Things First
Before you even begin your home search you have to figure out if you can purchase a home, how much you can you afford, what monthly payment works with your budget and more. The key to this piece is meeting with a great loan officer now so that you are able to buy your next home when you are ready. Below are some important parts of the Pre-qualification Process.
Your Credit & Other Qualifying Factors - Knowing your credit is a critical start to your home buying process. While your credit score is an important factor in you being approved to purchase a home, it’s not the only factor. A good loan officer will ask you some key questions and let you know how much home you qualify for and/or what plan you need to implement to be able to purchase a home at a later time. A great mortgage person to call is Ian Mills with Mortgagebanc. You can reach him at (205) 504-2166 or click here to email him.
How Much House Can I Afford? - While most lenders will discuss the purchase price or amount you may qualify for, you need to also know what that equals to in monthly payments and if those payments and additional costs of home ownership fit into your budget. You need to stay in an established budget that factors in a cushion for emergencies. Once you establish what you can afford, you need to stay in that price range while looking for a home.
Prequalification - When you meet with a loan officer and everything is ready for you to purchase, you will be considered, prequalified. At that point she will let you and me know of your prequalification and we are able to start matching you to a new home.
Types of Mortgages
Your credit, situation, needs, where you are purchasing and special qualifications all factor in to what type of mortgage and/or program you qualify for and how much money you will need to put down. Some common loans and programs that are currently being offered include:
State or local financing insured loans
A pair of conventional loans that total 100% financing with one being guaranteed by the state. Also, state pays private insurance saving the buyer the cost.
Conventional
These loans that are not insured by the government. They are typically governed by Fannie Mae & Freddie Mac and can require as little as 5% down or even 3% down for a First Time Home Buyer.
VA (Vetrans Affairs)
These loans are guaranteed by the government and are for our veterans and or their surviving spouses. They offer 100% financing.
USDA - Rural housing services
These loans are again insured by the government and offer 100% financing on eligible areas. A loan officer can give you the areas and communities that qualify and verify that your home qualifies for this financing.
FHA
A government insured loan that allows you to put down 3 1/2% down. Minimum credit requirements apply.
There are additional options out there and a good mortgage person can help you find the best option for you. For more information on loans and mortgage people to call, call me (Carrie Richardson) at (205) 821-3270.