Tuesday, April 1, 2014

Preparing to Buy Northern Virginia Real Estate This Year

It may seem exciting to begin your home search, especially if you're a first-time homebuyer, but there are a few tasks to cross off of your list first. As AOL Real Estate says, "Getting a loan right now is a lot easier than it has been, [but] getting a home right now is brutally different." To ensure you're fully prepared, it's time to start spring cleaning your finances to purchase Northern Virginia real estate and what better time than tax season. 

 Starting with your taxes, keep the following in mind and you'll be on your way to successfully buying a home in Northern Virginia this year.

 Filing Your Taxes
It's now tax season and one of the most important factors in purchasing a home involves these returns. A mortgage lender will want to see your most recent tax returns to show your income. No matter if you owe taxes and are making payments now, or if you're planning to file an extension, the lender will want to see the documents to prove your income to purchase a home in Arlington, Alexandria, or Fairfax. 

 Gather the Documents
Buying a home requires a lot of paperwork and documents you should have at the ready. These may be W-2's, tax returns, or tax forms like a 1099 if you're self-employed, anything to show your income over the past few years. The more assets you can show, the better, as lenders will want to know you have the ability to repay the loan, in addition to mortgage insurance. If you can show you have enough in "reserves" for two months of paying your mortgage, you are in good shape.

 Know Your Credit Score
This spring, take the time to "spring clean" your finances. One of the best steps you can take is to research your credit score and iron out the flaws before you are ready to buy a home in Northern Virginia. Credit report errors do happen and it's important you take the time to fix them before you begin the serious homebuying process. 

 Talk to Your Realtor
When you've taken all of the necessary steps to cleaning up your finances and building income reserves, talk to your Northern Virginia real estate agent. The market is changing and your local expert will be able to fill you in on the status of real estate in your area. As your Northern Virginia real estate professional, I can help you find a home that meets your needs and fits within your budget. Ready to get moving this spring? Contact me today! 


I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
Posted by at
Labels: , , , , , , , ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)