If owning your own home is your goal, plan ahead. There are steps you should take to speed up the process before your military relocation becomes a reality.
- Open a new house saving account. Generally, lenders require a down payment of 5 to 20 percent. The more you save for a down payment, the lower your loan payments will be.
- When you know where you are heading, research the Internet for information about the new community. Find out the pros and cons of living in the community. Compare locations within the community for convenience to the military base, schools and community resources.
- Get pre-approved for a home loan. Your REALTOR® can recommend local financial institutions that offer pre-qualification.
- Order a copy of your credit report. Many consumers are not aware of problems on their credit report that have a negative impact on credit approval. If there are errors, fix them. If there are unresolved credit issues, resolve them.
- Get organized. Ask your REALTOR® what documentation you will need when applying for a mortgage. Some information and documentation can only be requested after completing a mortgage application. Other information and financial history can be researched and obtained prior to a credit application.
- Create and maintain a file with as much advance information as possible to avoid delaying the loan process.
Planning and preparation help reduce the stress of military relocation, finding a house, and moving your family to their new home.
To learn more, contact Infinity Realty Guam today. Our REALTORS® have extensive knowledge when it comes to PCS and will provide quality service you deserve. Click here.
DISCLAIMER: This information is provided for general awareness only and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind. Please consult with a professional in their respective expertise for complete details.