LoansByAray
Helpful Tools
Below are some helpful tools and information to make the buying/owning process a little easier!
Opt Out Prescreen
To reduce spam calls after pulling your credit to buy a home- you can go to OptOutPrescreen.com and fill out the form to opt out of prescreened offers for 5 years. The credit bureaus sell your information when you apply for credit to "trigger lead" buyers.
Mortgage Calculator
Here is a mortgage calculator for you to play with some numbers- Just note this is just for ESTIMATES. Your rate and payment will HIGHLY depend on multiple factors- like what rate you qualify for with your personal credit score and debt to income ratio. https://www.mortgagenewsdaily.com/mortgage-calculator
Monitor Your Credit
Monitoring your credit scores is important in the beginning stages of home buying! Sites like CreditKarma.com is free and helpful- but is not very accurate for mortgage scores. We can often use that as a starting point when identifying potential issues with credit. A great monitoring site or app is https://www.myfico.com/ however, this one is not free.
Get Your Credit Report
Did you know you can access your credit report for free ONE time every 12 months? Be ready to download or print your reports immediately when you pull them up, as you can't get them again for 12 months! This report will show you all the things reporting to each of the credit bureaus- this allows you to dispute any incorrect information or clear up any collections that may need attention. annualcreditreport.com
Prevent Fraudulant Sales
Prevent the sale of your GA property by signing up for FANS (Filing Activity Notification System). The GA Superior Court Clerks' Cooperative Authority (GSCCCA) offers this FREE system to GA citizens that notifies you of any filing activity which may help to prevent the fraudulent sale of property! To voluntarily opt in, visit https://fans.gsccca.org
What is Escrow?
An escrow account is essentially a "holding" account for your yearly taxes and home owner's insurance. The mortgage servicer will estimate your future payment and split the payments into 12 payments- they then add that onto your mortgage payment and hold the money until the bill is due. Some mortgage programs allow you to opt out of an escrow if you are putting down enough money at time of purchase!
What is Earnest Money?
When you are purchasing a home, the seller will usually ask for earnest money at the time you go under contract. A third party will hold the earnest money for you. This is usually equivalent to 1% of the purchase price and is used to hold the property for you (off market) until you close. This money does get applied to your closing costs at the end of the transaction. The seller will be entitled to keep the earnest money after a certain time period if the loan or deal falls through. Speak to your Real Estate Agent for specifics on your situation!
What is Homestead Exemption?
A homestead exemption reduces the amount of property taxes homeowners owe on their legal residence.
You must file with the county or city where your home is located. Each county has different applications and required documents. Various types of homestead exemptions are available, including those based on assessed home value and homeowner age.
Homestead exemption applications are due by April 1 for the current tax year. Save your settlement agreement and make sure to file with your county after closing on your new home!
Need Help?
I am always available to answer any questions you may have about the home-buying process or credit tips! My cell number is 678-429-6007 and my email is Amber.Ray@edgehomefinance.com. Feel free to email, call or text anytime! I am licensed in GA, NC, TN and CO and have partners in most other states I can refer to!