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Greenbrae, California

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Fighting the Credit Crunch

Posted at Helpful Tips by Marty Bautista

Sep. 22, 2008

Tagged with: credit crunch, crs, helpful tips

These days, getting a home mortgage isn’t as easy as it used to be. Tighter lending standards have made it more difficult to obtain financing for some borrowers. Here’s what you can do to prepare for a home purchase under the new lending guidelines.

Get copies of your credit report so you can clear up any inaccuracies. If your credit score isn’t near 700, postpone your home purchase to allow time to improve your credit score.
Understand the true cost of homeownership, which may include unexpected expenses, such as maintenance, decorating and utilities. When you review your household spending plan to determine how much you can afford in monthly mortgage payments, remember to factor in these added expenses.
Be prepared to make a down payment of at least 10 percent to 20 percent. Don’t jeopardize your budget or tap into any emergency funds, however. Wait to purchase until you can comfortably cover the down payment.
Be prepared to show a tax return as well as a pay stub to document your income.
Stick with conventional loans. Despite the turmoil in the subprime mortgage market, there are plenty of conventional mortgages available.

Buying a home is one of the biggest and most emotional decisions you will ever make. So it’s important to work with someone who can provide sound advice and a steady, guiding hand when you need it. That’s why a CRS agent is the best person for the job.

A Certified Residential Specialist (CRS) is among the top four percent of all agents in the country. CRS agents have achieved a high volume of transactions and advanced training in areas such as business planning, real estate investing, marketing and technology. They must also maintain membership in the NATIONAL ASSOCIATION OF REALTORS® and abide by its Code of Ethics. A CRS agent is a proven leader with years of experience, demonstrated success and professional advice to help you make smart decisions about buying or selling your home. Why work with anyone else when you can work with a proven leader?

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