Helpful Tools and Resources to Simplify Your Homebuying Journey
Helpful Tools
Opt Out Prescreen
After pulling your credit for a home purchase, you might notice an increase in spam calls. To minimize this, head to OptOutPrescreen.com and complete the form to opt out of prescreened offers for five years. This step helps reduce "trigger lead" calls, as credit bureaus often sell your information to marketers when you apply for credit.
Get Your Credit Report
Did you know you’re entitled to a free credit report once every 12 months? When you pull it up, be ready to download or print your reports right away—you won’t be able to access them again for another year! This report shows everything reporting to each credit bureau, giving you the chance to dispute errors or address any collections that might need attention. Get started at annualcreditreport.com.
Mortgage Calculator
Use this mortgage calculator to explore some numbers and get a rough idea of your potential payment. Just keep in mind—it’s for ESTIMATES only! Your actual rate and payment will depend on several factors, including your credit score and debt-to-income ratio. Check it out here: mortgagenewsdaily.com/mortgage-calculator.
What is Escrow?
Escrow is like a savings account for your yearly property taxes and homeowner’s insurance. Your mortgage servicer estimates the total cost, divides it into 12 monthly payments, and adds that amount to your mortgage payment. They’ll hold onto the funds and pay the bills when they’re due. Depending on your loan program, you might be able to opt out of escrow if you’re putting down a significant amount at the time of purchase!
What is Homestead Exemption?
A homestead exemption helps lower the property taxes you owe on your primary residence.
To apply, you’ll need to file with the county or city where your home is located. Each county has its own application process and specific documents you’ll need to provide. There are different types of exemptions available, including ones based on your home’s assessed value or your age.
Be sure to file your homestead exemption application by April 1 to qualify for the current tax year. Don’t forget to save your settlement agreement and submit your application to your county after closing on your new home!
Prevent Fraudulent Sales
Keep your Georgia property safe from fraudulent activity by signing up for FANS (Filing Activity Notification System). Offered for free by the GA Superior Court Clerks' Cooperative Authority (GSCCCA), this system alerts you to any filing activity related to your property. It’s a simple way to stay informed and prevent unauthorized sales. To opt in, visit fans.gsccca.org!
What is Earnest Money?
When buying a home, the seller will typically request earnest money once you go under contract. This deposit, usually around 1% of the purchase price, is held by a third party and serves to secure the property for you by taking it off the market until closing.
The good news? This money will be applied toward your closing costs at the end of the transaction. However, if the loan or deal falls through after a certain period, the seller may be entitled to keep the earnest money. Be sure to discuss the specifics with your Real Estate Agent to understand how this applies to your situation!
Monitor Your Credit
Keeping tabs on your credit score is key when starting the home-buying journey! While free tools like CreditKarma.com can be a helpful starting point, they’re not always accurate for mortgage-specific scores. We can use them to identify potential credit concerns early on. For a more precise look, check out myfico.com—it’s a fantastic resource, though it’s not free.
Got Questions? Lets Chat!
I’m here to make the home-buying process as smooth as possible and to share tips on improving your credit. Reach out anytime—whether you prefer a call, text, or email! My cell is (334) 546-4096 , and my email is rylan.kilgore@edgehomefinance.com. I’m licensed in GA, AL, and FL, and I have trusted partners in most other states if you need a referral. Don’t hesitate to get in touch!