Buying a home with a mortgage can be somewhat overwhelming, especially if you are a first-time homebuyer.
The five tips below are designed to help you better understand the mortgage process to obtain a loan that’s right for you.
-Have Money In Savings
One of the first things (besides your credit score) a lender looks at is whether you have enough money in savings to pay your mortgage in an emergency. “Reserve” savings refer to money left over after you make a down payment and pay closing costs.
-Only Borrow What You Can Afford
Rather than struggle with a mortgage payment that’s too high, it’s best to buy a house you can easily afford at the time. You can always sell that house and buy something else later when and if your income allows.
-Find Out If You Qualify For A Low-to-no Down Payment Mortgage
There are several mortgage options available that require little to no down payment if you qualify.
-Don’t Stress Over Imperfect Credit
While your credit score is one of the most important factors a lender looks at when considering you for a mortgage, having imperfect credit isn’t a guarantee of denial.
-Consider A No-closing Cost Mortgage
A traditional mortgage comes with thousands of dollars in closing costs. When you pay these costs out of your own pocket, you get the lowest interest rate you qualify for. You can opt to have the seller pay some or all of the closing costs and pay a higher interest rate.
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