Financing Santa Fe Real Estate

Buying real estate is a great investment step but make sure you are ready for the responsibility and commitment with these simple first steps.

1. Know your finances

This doesn't just mean knowing how to balance your checkbook or how much money you have saved up. Its a closer look at how the lenders will see you. Get a copy of you credit report and make sure you clear up any discrepancies or mistakes and be certain you are current on your debts or have a letter to present to explain the situation. You also want to make sure that you are you! That may seem silly but if you have a common name, there may be others out there with similar names that have destroyed their credit and you can get mixed up in their mistakes. Be certain that what the lenders will see is actually you by verifying the information they will get with your social security number and any other identifying information.

2. Have some reserve funds set aside for unexpected expenses.

Buying a house is not cheap but it still can be done with zero down. That doesn't mean you won't have any out of pocket expenses and if a lender sees that you have no savings and only a couple bucks in your checking, they probably won't approve your loan. You also, just may not be ready to tackle a home loan.

Make sure you have an emergency fund built up and have expenses such as closing costs, earnest money and inspection costs ready to go. The closing can often times be built into the purchase price of the home but inspections typically require payment upon service. Also, having an earnest money deposit of approximately 1-3% of the purchase price will look much better to lenders and the seller. Remember this is your money and will be built into how much you owe so it doesn't go to the seller.

3. Find a lender you like and trust.

Shop around for the best loan, rate and a lender you feel comfortable with. If at any time you don't understand something, make sure you ask. If the lender won't explain everything you are signing, then maybe this is not the right lender.  Don't sign anything you don't understand and don't let any lender make you feel like you are naive and this is just the way it's done. This is your money and your investment; know it!

For more financial tips to buying Santa Fe homes and real estate please contact us anytime. We have referrals and resources for every step of your home buying or selling process.

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