Homebuyers should set budgets, manage credit before purchase
Jul 16 2012 1:03PM
With the current low mortgage rates making Los Angeles homes for sale more affordable than ever, many renters are considering buying property. However, as experts from the real estate data firm MRIS told RISMedia, they should first consider their budgets and credit histories.
One of the first pieces of advice they passed along was to start thinking about a budget well in advance. Working with a mortgage professional can help create a plan in terms of a price range in which buyers can look.
It's also important for buyers to keep credit information at the top of their minds. Lenders will avoid working with those with very low credit scores, and charge higher interest rates to others. MRIS professionals told the site that experienced hands can often be the difference in a successful sale.
"Since navigating the housing market has become more complex than ever, any potential homebuyer, whether a first-time buyer or not, can benefit from solid professional advice in their pursuit of homeownership," said John L. Heithaus, CMO of MRIS.
Data shows home sales in California have been increasing. The California Association of REALTORS said sales in May were at their quickest pace in more than three years.