Don’t be SPOOKED by buying a home… getting a mortgage
doesn’t have to be SCARY!
Jack-o-lanterns — Image by © Royalty-Free/Corbis
So, when you’re ready to start looking into buying a house, what’s the first thing you should do?
CALL A MORTGAGE PROFESSIONAL!
Your instinct may tell you to start perusing house listings and call a real estate agent; but how do you know what mortgage program will work best for you? How much can you spend? What costs are involved other than the price of the home?
By spending an hour with a mortgage professional, you will learn the following:
- Your credit score and identify credit issues (if any)
- Mortgage programs available to you
- The amount of money you will need for a down payment
- Establish a price range for your new home
- Closing costs involved and how to save money on them
You will leave that appointment armed with knowledge that will make you a much more informed buyer. Having a pre-qualification will establish your credibility as a buyer with real estate agents and with potential sellers.
This is the information your mortgage lender will need to know in order to get you prequalified.
- Annual gross income
- Balance in your bank accounts
- Balance in 401K/Retirement
- How much you want to use for a down payment
- Credit score and credit history
- All debts and liabilitiesThe best lenders explain all the options available to you and will give you feedback on how to manage your credit profile.
If you are serious about buying a home, you need to…
- Stay Current: Make timely payments on all existing debt
- Stay Consistent: Continue to use credit/debit cards as normal
- Stay Informed: Join a credit watch program
- Stay Connected: Speak with your mortgage professional if you have any questions
An informed buyer is empowered.
- Know what you can afford
- Know the costs of a mortgage
- Know what you need for a down payment
The more you know, the more prepared you are, and the more smooth the transaction!
Don’t fall in love with a home you can’t afford, be prepared – get prequalified!
Post sponsored by Lori Medeiros, Senior Loan Officer with RMS
