Successful Real Estate Business Owner, Stephen Dowicz, Shares Five Tips for First Time Home Buyers

NORWALK, Conn., July 26, 2017 /PRNewswire-iReach/ -- Successful real estate business owner, Stephen Dowicz, shares five tips for first time home buyers.

Check your credit score. Among the most important factors when it comes to qualifying for a mortgage is a homebuyer's credit score. There are a number of companies that calculate this score free of charge. When you receive the report, examine it for unpaid accounts, collection accounts, and even errors. Be advised that even if potential homebuyers pay all bills on time, every month, doesn't mean their credit is excellent. The amount of credit ones uses relative the available credit limit can lower a credit score. Ideally, a first-time homebuyer should have a solid amount of credit available, with less than a third of it used. IF credit is damaged, begin repairing it at least six to eight months before looking for a home.

Evaluate all assets—and liabilities. A first-time homebuyer should have an awareness of monthly income versus monthly bills, as well as savings. It could be prudent to track any spending for several months, Stephen M. Dowicz suggests. Become familiar with the fundamentals of mortgage lending to get a sense of how lenders will view income.

Organize pertinent documents. This is will save time in the long run when house hunting. Homebuyers must show income and taxes. Mortgage lenders will most likely request two recent pay stubs, W-2s from the past two years, tax returns, and the past several months of bank statements. Since purchasing a home can be a lengthy process, why not save time whenever possible?

Obtain preapproval. Getting a mortgage lender to check a first-time homebuyer's credit and verify all income and assets can help them gain an edge with any sellers who are looking to unload their home quickly. Ask family, friends and coworkers to get the names of some reputable lenders.

Seek extra support. First-time homebuyers don't realize how complex the process is. It goes way beyond simply hiring a real estate agent. Find an agent that will act as a partner—guiding the buyers through the financial process, inspections, and other fees related to the process.

About Stephen Dowicz: Real Estate Investor Stephen Dowicz, is a philanthropist and successful businessman in the spa industry. He has made many charitable contributions over the course of his career and is an expert in private equity matters.

Media Contact: Phil Santinoceto, The Data Workshop, 509-281-6232, [email protected]

News distributed by PR Newswire iReach: https://ireach.prnewswire.com

SOURCE The Data Workshop