GREENSBORO, N.C. — Is it time to buy a house or sell one? Today on 2 Wants To Know at 5:30 pm, you can learn what the Triad housing outlook is, and ask your questions to a local realtor about the house buying or selling process.
Fran Johnson with Keller Williams will be taking your text questions. You can text your question to 336-379-5775.
Are you ready for homeownership? Johnson says there are four things to consider:
Your credit score is solid
Your debt is manageable
You can afford a down payment
You have enough set aside for maintenance
Johnson says one of the biggest things home buyers should know is the map to great credit. Without great credit, you'll be paying higher interest rates.
Factors that Influence Your Interest Rate
Your Credit Score:
- Pay on time
- Credit Cards charged over 50% of the high credit
- Judgments/Collections
- Too many credit inquiries
- No credit
Your Downpayment Amount:
- Type of Loan
- Debt to Income Ratio
Johnson says a higher credit score coupled with a larger down payment means a lower interest rate. If you can put 20% down you'll also avoid paying for mortgage insurance.
What is the difference between mortgage prequalification and pre-approval?
Prequalification: Before you start house hunting, you'll need to know how much you might be able to borrow. This helps you look at homes in the right price range.
Pre-approval: When you're ready to start making offers, a pre-approval shows you are serious. If a seller has multiple bids, a pre-approval can help you stand out from the rest.
If you're thinking of putting your home on the market, look at this list of Do's:
- Call a Real Estate Professional
- Declutter
- Clean the Interior
- Spruce up the Exterior
- Make Necessary Repairs
- Stage It
- Price It Right