Relocating can be an overwhelming task but preparation is the name of the game. Following the tips below and a little preparation consumers will be ready to jump into the very fast-moving home buying market in Middle Tennessee!
“First things first get prepared….. know your numbers and have your paperwork together” says Tera Surbeck, Realtor® in the Nashville area. “You will undoubtedly be excited about the move and ready to jump right in to looking at homes. The Nashville market is currently experiencing low home inventory, so having a Pre-Qualification letter through a reputable lender will put you at the head of the line.” she added.
Know the numbers- Check your credit score. There are several companies that offer “Free” credit scores, even some of your credit card statements will have them. However, these scores tend not to match up with the credit scores that lenders get when they pull a credit report. Go ahead and check your credit score with credit bureaus. “A 640 is a good mid score for most loan approvals, however, you can have as low as a 580 and still get approved with compensating factors. A higher score may get you a few discounts.” Says Bruce Simms with CMG Financial.
Paperwork- Have your financial paperwork already pulled together. You will need to have three months of bank statements, W-2’s, three months of Pay stubs and two years of tax returns if self-employed. Have a list of previous address you have lived at and any previous jobs with dates included. Do not forget any documentation that you may have received from your company’s relocation department.
Find professionals – “Connect with professionals, a good Realtor® that knows the Middle Tennessee real estate market and preferably a local lender. Not all real estate agents are equal and the same with lenders. A real estate professional with the Realtor® designation has had additional training and adheres to a more stringent code of ethics. In my experience a local lender understands how fast things can move in the Middle Tennessee market and tends to be more responsive then some on the large online lenders. I have saved deals because a local lender responded to my text at 10 pm” says Tera Surbeck, Realtor®
Ways to improve your credit score – Make sure to address up any discrepancies on your report. Avoid being over 30 days late on any payments. If possible pay down your debit balance to 1/3 of the available credit limit.
Best Practices – “While relocating keep your important documents updated and readily available. For mortgage purposes you’ll need to have your income and asset information such as W2’s, paystubs or offer letter, and all bank statements. It’s a best practice when purchasing a home to keep bank statements free of multiple large deposits that are not payroll deposits, and of course avoid derogatory issues on all your bank statements” States Bruce Simms with CMG Financial and according to Tera Surbeck, Realtor® “Avoid any new purchases! Don’t finance furniture, new vehicles, get a new credit card, etc. in the expectation of your new home. The lenders will check your credit up to 15 minutes prior to closing and if your income to debt ratio changes so does your home buying plans!”
Relocating to Middle Tennessee shouldn’t be more difficult by the home financing process. With a little professional assistance, preparation and education consumers can sail smoothly through the home buying process.
Tera Surbeck is a Realtor® in the Nashville area. You can connect with Tera via email: [email protected] , website www.TeraSurbeck.com , Facebook page @TeraSurbeckRealtor or a good old fashion phone call 615.278.4746
Bruce Simms is a local lender in the Nashville area. You can connect with Bruce via email: [email protected], website www.cmgfi.com/agents/bruce-simms or a good old fashion phone call at 615.207.3745