Getting your financial house in order while you look for a property.

You’ve done the work to be preapproved and you are looking at homes to purchase and hoping that warmer weather brings more homes for sale.   But what to do while you are waiting?   There are some smart financial moves that you can make now so that you can focus on your home once you’ve purchased.

  1. Polish up your credit.   Typically, borrowers with scores over 740 enjoy access to the best interest rates. Improving your score to at least that level will save you money.   Moving towards 800 can improve the rate on some jumbo mortgages or reduce the amount you pay each month in mortgage insurance.   Don’t assume that you know what actions to take!   Check in with your lender for direction.   Commerce Home Mortgage offers a free credit analysis by a reputable credit repair company.   Not all credit companies are created equal.   Many are very costly and do nothing to improve your credit score.
  2. Check in with An Estate Attorney.     As a home owner, you have something of value that you will want to make sure goes to the right person/people should something happen to you.  It’s not fun to think about but worth the peace of mind.  Talk to an Estate Attorney to set up an Estate Plan ( Will and Trust).   While you are at it, ask the attorney and do some research on options and implications of how you take title your home.
  3. Talk to a Financial Advisor.   A good financial advisor can not only help with your investment options, but can provide advice about home buying strategies.  What is a realistic monthly mortgage payment for your situation?  Is it better to put more money for down payment or keep funds for investing?
  4. Practice paying your mortgage.   Now that your lender has provided monthly housing expenses for your target purchase price, “practice “ paying that amount each month by saving the difference between your current rent and your monthly “PITI” (principal, interest, taxes and insurance).   You’ll get a sense if you are being realistic about what you can manage each month, while adding to your savings.

To be preapproved for a mortgage and for great references to local financial professionals, reach out to me!


Julia Demeter
Mortgage Advisor, NMLS#240491
C: 510.520.9700





VP, Marketing at Commerce Home Mortgage. Background in tech with a passion for art and design.