The first step in buying a home should be getting a mortgage. Getting a mortgage, or rather getting approved for a mortgage, lets you know what you can expect in the way of a monthly payment before you begin to look at homes.
Interest rates can have a big impact on what your monthly payment ultimately ends up being and rates have been inching upward in the last few weeks. Now is the time to take advantage of both these historically low interest rates as well as the tax credits now being made available to both first time homebuyers and move up buyers.
There are any places to look for a mortgage these days. There are banks, mortgage brokers, finance companies, credit unions and private lenders. Often experienced Realtors have mortgage brokers or banks that they work with often and using a lender that has a good reputation is often a safe bet.
When looking for a mortgage you should have a good idea how much you can afford to pay each month. Look into the past, present and future to determine this. It is of the utmost importance not to bite off more than you can chew when it comes to your finances and the affordability of a home that you might buy.
When applying for a loan you will need to provide documentation of income, monthly expenses, and assets. Have your financial statements and tax returns ready and the process will be much easier.
Having a mortgage ready to go before finding a property will make the entire process smoother. Financing is harder to get these days and being prepared is a wise step in the home buying process.
Looking for a referral to a good lender with good interest rates and reasonable closing costs? Call me or email me and I will get you in touch with a lender that will take great care in getting your financing lined up for you.
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