Helpful Tips To Begin The Process Of You Qualifying For A Home

Helpful Tips To Begin The Process Of You Qualifying For A Home

Buying a home is a Huge  commitment, with  buyers making important decisions, especially in our area of Las Vegas.

I am hoping some of the info below can be helpful for the buyers out there. 

1. Set a budget.

 Before you start looking for your new home, you to have a good idea of how much you can afford. When setting a budget, keep in mind that your monthly mortgage payment is not the only expense to consider. Remember to take into account any credit card and installment loan payments, utilities, taxes and insurance. Calculate how much home you can afford.  You can contact an agent, our lender or there are many free online resources for mortgage calculators out there on the web.

2. Save for your down payment.

When you buy a home, lenders may require that you put money down - this would be your down payment.   Down payments can vary based upon the type of mortgage and typically range from 3.5 to 20% of the home purchase price.  Usually with banks on cash deals they require 10%.  With Fannie Mae Homepath Properties www.homepath. com they have a requirement of at least 5% down, FHA can be as low as 3.5%.  Investors can range from 10-20%

3. Boost your credit score.

A higher credit score, will offer you a more variety on  mortgage options  and the ability to qualify for a lower interest rate. When you apply for your loan, the lender will  look at your credit score from each of the three major credit agencies: Equifax, Experian and TransUnion.  To improve your score, lenders will usually offer credit  counseling services to help you boost your scores (both of our lenders offer this service).  

 4. Choose the mortgage that’s right for you.

There are many types of mortgages available to future buyers out there.  Sometimes it can be difficult knowing which one to  choose. A good  lender can talk you through your options in detail. Each deal is different and sometimes this option can be quite confusing.  So arm yourself with data and contact your lender today to discuss what options are best or you.

 5. Get pre-approved.

Ahh  - Pre-approval is the MOST important  step to take before starting your search for a home. By sharing your information about your income/debt, a lender can provide you with a letter stating how much you will be able to afford to borrow.  In a competitive home-purchase market (like ours) , sellers prefer offers from pre-approved buyers. If you’re ready to take the next step, you can get a free evaluation from our lenders today.

Southern Fidelity Mortgage - Kari Philipps - - Cell (702) 375-3401 -
W.J.B. W. J. Bradley - Norbert Gyorfi - - 702-630-8200 -

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Phone: 702-752-0044
Dated: May 3rd 2014
Views: 7,466
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