Have you heard of the 4 P’s?
“Proper preparation prevents poor performance”. It’s a phrase that Oliver Overton-Morgan (Orlando property manager with Morgan Property solutions) heard in high school from his rugby coach and it stands true for everything in life. If you don’t start with proper preparation and planning, then you can expect poor results. We can apply the same equation to real estate. There are some initial steps to take that will improve your success and finances before purchasing property in today’s market…
- Know your credit score – the best mortgage rates are available to borrowers with the highest scores. Unless you know what your credit score is at all three major credit bureaus, you don’t really know what rate you’ll have to pay.
- Clean up your credit – it is estimated that about 90% of credit reports have errors. Some are not serious but others could affect a borrower from getting the loan they want. It is your responsibility to know what is on your different reports and correct them if possible. You’re entitled to a free copy of your credit report each year from Experian, Trans Union and Equifax.
- Get pre-approved – Taking the time to make a loan application with a qualified lender even before you start looking at homes will provide peace of mind, make sure that you are looking at the “right” homes and may help you negotiate the best price on the home you select.
- Do your homework – when you find the home that meets your needs and desires, get the home inspected and research the tax assessments, school ratings, crime activity, possible zoning changes and comparable sales in the area. And of course, consult with a knowledgeable REALTOR, who can bring you more relevant information about the market and the transaction process than websites like Google and Zillow can tell you.
Let us know if you need a recommendation of a trusted mortgage professional, or have any other questions before you start your journey.
Get more professional advice from orlando property management company Morgan Property Solutions