Auto news on Youtube Nov 28 2017

- Hello there, and welcome back.

This is Kevin Smith with First Team Real Estate,

here in Southern California.

Today I'd like to bring up one topic

that came up with my clients recently,

and that was that they were given a 60-day notice.

They're renters, and they're looking to buy a place,

which is fine.

They were looking to save and get a house

in the next six months,

but it came a little bit sooner than later.

So I wanted to talk a little bit about six different things

that I think you might want to think about

when you're getting ready to purchase a home.

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First of all, you want to check your credit.

So if you're not aware of your credit score yet,

you definitely wanna pull your credit report,

and you can get that at annualcreditreport.com,

or even Credit Karma's kind of a nice thing.

If you don't have it, you can kind of keep track

of your credit history monthly,

and they'll give you updates.

So the best rates that you're best possibly gonna get

are gonna be with the highest credit scores.

If you have some time, and you can get your debt

and your credit into a better position,

then you'll get a better rate on your interest rate.

So keep an eye on your credit report.

Another thing that you wanna make sure that you don't do

is you don't wanna be opening up new accounts,

so your credit history is based on your credit:

how long you're have your credit; how often you pay;

and if you're on time.

The last thing you wanna be doing right before

you're purchasing a home, is opening up new lines of credit

that will also be a liability,

because it's more potential debt

that you could actually be charging.

Also, you won't have the credit history,

and it also will, when you're getting that credit card,

you're also going to be dinged for a credit inquiry,

so you don't wanna be opening up a bunch of credit lines.

The third thing you wanna do is to possibly,

if you don't have enough down payment,

and let's say this couple had only 60 days notice.

I know at the end of the year there's a lot of people

that are looking for more money for their down payment,

and at the tax season, there's a lot of people,

possibly your parents, or somebody in your relatives

that could actually gift you money every year

for a gift for you, but also will help them

on a potential tax credit.

That's something that you might want to be looking for,

especially around the holidays,

gifts instead of getting a gift, maybe getting a gift

of actual money that you could be using

towards the purchase of your home.

That's a good strategy, so keep that in mind.

Then also, you want to keep an eye on number four,

you want to keep an eye on the interest rates.

I know just a slight increase in your interest rate

is gonna give you less buying power,

so if you can get something sooner than later,

you'll keep an eye on the interest rates.

That's a good option about saving some money

on your monthly payment.

Also, you'll wanna get a lender.

If you don't have a lender, or you need some referrals,

I'd be happy to help you with those referrals.

I've got different referrals all nation wide,

so if you need a lender, feel free to reach out to me.

The last thing you'd wanna do, number six,

is you're gonna want to get pre-approved.

So the last thing you wanna do is go out

and start searching for homes

that may be above your pre-approval amount.

You're gonna need to get ahold of all your W-2s,

your pay stubs, any kind of loan debt, things like that,

and present those to your lender.

Then they'll give you a pre-approval,

so that'll also entitle you as to figure out

how much you're willing and able to afford

before you go out searching.

I know my clients, they were hit with a 60-day notice,

and it caught them a little bit off guard,

but if you're planning ahead right now,

and doing these six steps, it will definitely help you

get the best interest rate, and buy the home

that you're looking for, that you're able to afford,

and be happy doing so.

So, thanks again for watching.

If you need any more questions, referrals,

or would like to contact me, feel free to reach out to me

by text, phone, or email.

Click the like button below,

and if you'd like to subscribe to the channel,

and hit the notification,

so when I do have a new video that hits the air waves,

you'll be the first ones to know.

Again, thank you very much.

We'll talk to you all soon.

Have a great week.

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