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Qualifying For A Home Simplified
Dated: May 5 2018
Finding your dream home need not be a painful or stressful process, there are ways to avoid the common pitfalls that can happen to home buyers whether it is the first home or the tenth home. Starting the process requires an honest conversation between you, other people that are helping with the purchase of the home and a mortgage lender or broker. A mortgage lender is simply a financial institution that will loan money directly to you, while a mortgage broker, instead of lending money directly acts as a go-between for you and the lenders. Finding the financial resources to afford your dream home can sometimes be challenging and a good place to start is determining what loan amount you can qualify for then determining what steps you need to take to shore up your finances.
In order to make this process an easy and straightforward experience, taking the time to talk to a mortgage lender or broker and shopping around for the best loan terms with the lowest interest rates and fees is crucial to a successful home buying experience. We’ve taken the time to compile a suggested list of things to avoid, in order to increase the ease and functionality of the qualification process.
Time is always a crucial factor when purchasing a home, so make sure to allow enough time to correct the following:
Errors on your credit score
Bolstering a low credit score
If you are contemplating changing jobs, do so before attempting to qualify for a house:
Make sure to keep all of your relevant tax information (from all jobs)
Show your increased revenue from your new position
If you are contemplating purchasing a new car at the same time you are attempting to qualify for a house:
Wait on the purchase of the car as it will negatively affect your credit score in the short term
If you absolutely need to purchase a car (due to unforeseen circumstances), push back trying to qualify for a home until your credit score evens out again
Mortgage lenders and brokers will work with a lot of different circumstances, but to make the process of purchasing a home less stressful it always pays to have your ducks in a row. Take the time to put yourself in the best position situation to obtain the best loan terms, interest rates and fee structures for your new home. Allowing enough time for reality to catch up with your dreams will ensure home buying success.
Mr. Jacobs has been in the industry for the better part of two decades starting in the mortgage industry growing his own Mortgage Brokerage which he then sold in 2006, since obtaining his Real Estate ....
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1801 Misty Morn Place, LongwoodBedrooms: 5Bathrooms: 4Garage: 3Homesite: 1.3 AcresYear Built: 1969Year Remodeled: 2005MLS # L4908554Asking $575,000Located along the renowned Markham Woods