What your Pasadena Real Estate CA agent wants you to know

- but doesnt always tell youlock and key

? DO run your credit report 2 to 3 months prior to beginning your Pasadena home search

WHY? This will allow you and your real estate agent to review your report for any negative items that could be affecting your FICO score. Improving your FICO scores by addressing these items will improve your chances of getting a better interest rate on your mortgage.

? DO NOT ask sellers for price reductions. DO ask for seller cash concessions.

WHY? Most lenders will allow up to 6% in seller concessions given to the buyer. These cash concessions can be used to temporarily or permanently buy down the interest rate on the buyers loan and/or pay for some of the closing costs.

Seller concessions make it easier for buyers to qualify for a loan.

Seller concessions help buyers purchase their Pasadena home with less money down.

Seller concessions allow buyers to afford more house.

Seller concessions help buyers with lowering their monthly payments.

Seller concessions help sellers sell their home faster.

? DO buy down your own mortgage interest rate when possible.

WHY? This allows buyers to take advantage of a lower monthly payment permanently for the life of the loan. The amount that the bank charges for the buy-down is considered pre-paid interest in the year paid and can be deducted when you file your income taxes.

? DO investigate buying a Short Sale property.

WHY? There are a lot of Short Sales coming up on the Pasadena real estate market. You can potentially purchase a home at a much better price with some built-in equity.

READ MORE: Pasadena Real Estate Agents and Short Sales

? DO see if you qualify for a VA loan.

WHY? VA program for owner-occupied housing is one of the best loan programs available. It is possible for veterans to obtain 100% loans and allow sellers to pay for all closing costs. Almost 40% of US adult population are veterans or are married to ones.