INS AND OUTS OF HOME BUYING:
DO’s and DON’T’s of NAVIGATING THE MARKET
PLUS: WHAT DOES FIRST RATE CUT IN 11 YEARS MEAN FOR CONSUMERS?
AVAILABLE FOR INTERVIEW:
If you’re in the market for a home, the process may seem daunting. This rings true whether you’re a first-time home buyer or a current homeowner considering a move. If you’re going to successfully navigate the mortgage market today and come out of it a new homeowner, don’t fall behind on learning the do’s and don’ts of the process, know which options are available to you and avoid common mistakes.
On Tuesday, August 6th, mortgage expert Lisa Cookson will be available to share tips on tackling the mortgage process and how consumers can find a right fit. She will share survey results highlighting mortgage myths and reveal consumer sentiment and knowledge surrounding mortgages and home buying options.
Some of Lisa’s tips will include:
First Time Homebuyers:
· Challenges: With houses going fast and bidding wars driving up prices, it’s more critical than ever for first time homebuyers to prepare themselves financially in order to purchase a home.
· Get pre-approved: Potential home buyers may be discouraged if they aren’t able to find a house and therefore put off applying for pre-approval. Getting pre-approved now is important because it allows you to be ready when you do find the perfect home.
· Consolidate debt: Lenders consider your debt to income ratio and consolidating your debt can provide the opportunity to secure a lower interest rate and ultimately pay-off your debt faster.
· Watch your spending: Avoid making large purchases such as cars and other items that require financing. These purchases can increase debt and can make it more difficult to secure a mortgage.
Homeowners Considering a Move:
· Make your current home your dream home: It may be possible to obtain a home equity loan to finance your renovations.
· Renovate to add value: If you’re planning to stay in your home a bit longer, investigate which renovations will provide the most return on your investment when it’s time to sell.
· Make repairs now: Many homeowners put off making repairs until after they sell their home. Unfortunately, they never get to enjoy these improvements.
SUGGESTED INTERVIEW QUESTIONS:
· The Federal Reserve just cut interest rates for the first time since 2008 recession. What does this mean for consumers What does the overall landscape of the housing/mortgage market look like today?
· When looking to buy, what should consumers consider when it comes to mortgages?
· When can a consumer know with confidence that they are financially ready to become a homeowner?
· What advice do you have for first time homebuyers? ?
MORE ABOUT LISA COOKSON:
Lisa Cookson is Senior Vice President, Head of Operations, Mortgage and Home Equity at PenFed Credit Union. Cookson has extensive experience in mortgage and home equity lending and is renowned for her ability to build a customer-centric culture while delivering broad strategic concepts. She is a champion for developing innovative solutions and has a passion for her team’s success.