Downpayment formula
Purchase price x 3% or 20% = Downpayment
$250,000 x 3%=$7,500.00
$250,000 x 20%=$50,000.00
$350,000 x 3%= $10,500.00
$350,000 x 20%= $70,000.0
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My name is Jackeline Price, but you can call me Jackie. I was born in Guatemala, but raised in the Central Valley. I graduated from Grace M. Davis, Modesto, CA, in 2009. My husband Sam and I have been married for 11 years, and we have 4 dogs. We are aspiring ultra-runners, and we love everything outdoors. After high school I obtain my real estate license and began helping families in the Central Valley buy and sell homes. In 2016, I was able to reach a dream of mine, and become a broker and open my own brokerage.
(209) 409-9284
jackiepricerealtor@gmail.com
www.thepricerealestate.com
a. Determine if you can stay in the same home for more than five years
b. Be sure you have a lawnmower and garden tools
c. Understand tax law to determine your homeownership advantages
d. Compare the cost of purchasing a home vs. renting a home
a. Experian
b. TransUnion
c. Equifax
d. All of the above
a. Accounts closed by your or the creditor such as a closed mortgage, revolving accounts, etc.
b. Accounts in good standing such as accounts that have a zero balance and have no history of late payments.
c. Open accounts such as a current mortgage and credit card accounts
d. Checking and Saving accountsa. Accounts closed by your or the creditor such as a closed mortgage, revolving accounts, etc.
b. Accounts in good standing such as accounts that have a zero balance
and have no history of late payments.
c. Open accounts such as a current mortgage and credit card accounts
d. Checking and Saving accounts
a. 3-5 years
b. 4-6 years
c. 7-10 years
d. 10+ years
a. The purchaser of the home
b. The seller of the home
c. The brokerage
d. A combination of the brokerage firm and the seller
a. Description of the property
b. Analysis of Sales of Comparable properties
c. Information regarding current real estate activity and/or market trends
d. All of the above
a. Truth in Lending Disclosure Statement
b. Loan Application
c. HUD-1 Form
d. Real Estate Settlement Procedure Act
The first step into preparing your finances is building up your savings. Lenders nationwide required that you have 3% to 20% of the purchase price saved to be able to secure a home loan. some programs required 0% down payment, such as a VA loan, USDA loans, and first time home buyers programs. Keep in mind that this programs may not required a down payment but you still need to have funds to cover the closing cost. Focus on building your saving by creating a budget, packing your lunch, and brewing your own coffee, these are only a few ways you can start saving money. Make sure when you set a budget you set one that fits your lifestyle. What may work for one, may not work for you, but don’t give up. Every penny saved gets you closer to reaching your goal. Below you will find a downpayment formula you can use to help you determine how much money you will need to save
Purchase price x 3% or 20% = Downpayment
$250,000 x 3%=$7,500.00
$250,000 x 20%=$50,000.00
$350,000 x 3%= $10,500.00
$350,000 x 20%= $70,000.0
The Second step is improving your credit scores, credit score can range from 300 to 850, an is designed to predict risk, specifically likelihood that you will become seriously delinquent on your credit obligations in the next 24 months. Your credit score is classified into five major categories which makes up your FICO score, these five major categories are: mix of credit, payment history, amount of available credit, length of credit and accumulation of debt.
The minimum credit score required to qualify for a FHA or Conventional loan is 620, but you don’t need a credit score higher than 740, anything higher is not required to receive a great rate. Rule of thumb to always remember, the closer you get to 740, the better interest rate you will receive, saving you money in the long run. If your credit score is not there yet, don’t worry, it’s never to late to start improving your credit score. You can start by following these 5 steps below, but remember these steps are not the only way to improve your credit. Make sure you follow a plan, that fits your lifestyle.
1.Removing errors from your credit report
2.pay off debt, and only utilized 30% of your credit limit.
3.Pay your bills on time
4.Keep your oldest account open
5.Bring past-due accounts current
1.Removing errors from your credit report
2.pay off debt, and only utilized 30% of your credit limit.
3.Pay your bills on time
4.Keep your oldest account open
5.Bring past-due accounts current
Improving your credit score is always beneficial, but where do you start if you truly have no credit?
Applying for a credit card can help you build credit by reporting your activity to the major credit bureaus. Make sure you pay off your balance every month, and only use your credit card for small purchases.
TIP: Do not max out your credit card, remember to only utilized 30% of your total credit limit.
Typically issued by credit unions, these small loans generally have short (6-24 month) terms. Making these payments on time allows the credit union to make positive reports to the credit bureaus and it will increase your credit score.
Another great way to build credit fast is by becoming an authorized user in one of your family members credit card. As they make their monthly payments, your credit will start reporting activity and your credit score will begin increasing. Just remember that you choose someone you can trust that him/her will be making their monthly payment on time and will not default.
www.experian.com
Buying a home will be one of (if not the most) the most significant purchases you will make in your life. Therefore, it is essential to have an experienced real estate agent representing your best interests during the home buying process (after all, the listing agent’s allegiance is to the seller). The best part about having an agent back you up is that a buyer’s agent’s services are FREE!
As a buyer’s agent, I offer unique and customized services to my buyer clients, including neighborhood expertise, handling challenging conversations and negotiations, guiding your through all the paperwork, and helping you enjoy the home buying process as much as I can!
After getting all of your finances in order, it’s time to head to a lender to get preapprove for your home loan. Before your appointment with your lender, you will need to gather information and documents that will allow your lender to get you pre-approve. You will find pre-approval checklist on this chapter , which I hope will make the process of gathering these documents and information a breeze!
Every buyer is completely different. Each person has their own style, needs, desires, and budget for purchasing a property. Therefore, let us know what you’re looking for in a home to narrow down our searches and only show you properties suitable for you.
Before you tell ME what you’re looking for, make a list of things you require and things you desire to have in your new home., for example are you looking for a fixer-upper, income property, are you looking for a property close to the freeway, a home with a large kitchen or backyard. By having a list of must wants in your home, it helps you save time, and money.
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