The Most Important Thing for Preparing to Sell Your Home

In today’s housing market, if you ask most people what are the most important steps for selling a home, most will respond with a list of items regarding the house itself. The list may include fresh coats of paint, repairing any broken or damaged features of the home, and removing clutter from rooms and closets. selling-your-homeYou might even be referred to a “home staging professional,” which is a person versed in preparing a home for sale. While getting the house you are selling ready is certainly important, only a few people think as far in advance as they should about getting their financial house in order for the purchase of their next home.

There is no secret in the lending industry that if you have better credit, larger financial reserves, a larger down payment, and great documentation, you’ll likely get better terms on your next mortgage. Unfortunately, many people wait until they have found their next home before considering all the financial details. Meeting with your mortgage professional months, or sometimes even years in advance, can put you in a position to get the best mortgage possible. A simple review of your credit may reveal steps you can take to improve your score. Some actions can positively impact credit quickly, such as closing specific accounts and correcting errors. Others, such as keeping all payments current, may take some time.

Even with lending standards tightening, products exist for individuals with limited cash on hand. However, take time now to consider the cash you may have after your home sells, as well as your current financial situation. We may be able to devise a plan to increase your financial reserves, make the most appropriate down payment, and get the best mortgage available for you. If you, or anyone you know, is considering putting their house on the market, please give me a call. I’ll take the time to explain the specific steps necessary to get the best mortgage possible.

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