Got Mortgage on the Mind?

Everyone one needs a place to live, the question is do you want to continue to pay for a rent home you will never own; or buy a home that will be all yours. Most time people are nervous about purchasing a home since they are unaware of the mortgage process, so lets break it down since it is not as scary as you might think.

5 Steps to Get You Started!

1. Check your credit!

   • No one wants to walk into a loan company and be denied for your mortgage because of your credit score. Before walking in; take a look at your scores and be sure to look at all three (Experian, Equifax, and Transunion).
   • Research what scores you will need to get qualified so when you see your scores, you will know what you need to be at. Remember this information is easily found, you just need to spend a little time educating yourself.

2. Get Pre-Approved!

   • Find a mortgage company, and a loan originator. Again do your research and find a company who will best suit your needs. Keep in mind, are you wanting to work with a nation wide company, or a company you can walk into. All of this matters!
   • Once you find a loan officer; they will start the process. This will include pulling your credit; verifying your income, employment, and debt. Also they will start to go over how much money you are needing to have saved up which includes your down payment and closing costs.
     • Keep in mind down payments and closing costs can vary depending on the type of loan you are applying for.

3. Find a Realtor!

   • Find a realtor that is going to keep your best interests in sight as the buyer. This means they are going to be on your side when you find that perfect home and put in an offer!
   • Do not find a home first, and just work with the realtor who is selling the home! Think about it, this realtor was hired by the homeowner to sell their home and get them the best possible price. They will be looking out for the best interest of the homeowner.

4. Be Patient!

   • Remember purchasing a home is a huge step! In that huge step are obstacles that you may have to overcome.
   • Do not get discouraged that the first home you fell in love with, your offer was not accepted, or it does not pass inspection; and the seller will not budge on repairs. Just means something bigger and better is on the way.
   • Never let the negative thoughts set in that you are not destined to be a homeowner! You are!

5. Settle In!

   • Congratulations! You are now a homeowner, now your job is to set back and make your new house a home!
   • It may have seemed that you would never get here, but guess what? You made it!

There is more information when it comes to purchasing that home, but think in just 5 steps you will definitely be on your way to being a homeowner!

Stay Tuned! I will be back with more information regarding different types of mortgages as well!