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Our Motto: "Service before Sales"
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At The Property Shop of CT we stand by you every step of the way. It is our duty to find you the best home, rates and programs specific to your unique needs. We understand the diverse nature of this market and are well-equipped to meet all of your demands; from finding the right property at the right price, to providing multi-lingual services.
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We pride ourselves in keeping our clients informed through each stage of the home buying experience.
TIPs for first-time homebuyers
So you've decided to go for it. Buying a home can be thrilling and nerve-racking at the same time, especially for a first-time homebuyer. It's difficult to know exactly what to expect. The learning curve can be steep, but most of the issues can be resolved by doing a little financial homework at the outset.
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Check your credit
The credit score of the buyer may be the most important factor when it comes to qualifying for a loan these days.
"In addition, the standards are higher in terms of what score you need and how it affects the cost of the loan," says Mike Winesburg, mortgage planner with McKinley Carter Wealth Services in Wheeling, W.Va. Just because you pay everything on time every month doesn't mean your credit is stellar, however. The amount of credit you're using relative to your available credit limit, or your credit utilization ratio, can sink a credit score.
"Lenders determine all of the available credit that you have on all of your cards added up and how much your balances are. So if you have $10,000 credit available to you and you have $5,000 on there, you have a 50 percent credit utilization rate," says Winesburg.
The lower the utilization rate, the higher your score will be. Ideally, first-time homebuyers would have a lot of credit available, with less than a third of it used.
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Repairing damaged credit takes time -- and money if you owe more than lenders would prefer to see relative to your income. Begin the process at least six months before shopping for a home.
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