If you are, or are about to be a first time homebuyer, there are a couple mortgage tips you need to keep in mind, and use, in order to have the smoothest loan process possible! Knowledge is power and the more information you have in your home buying arsenal as a first time home buyer the better.
1. Know Your Stuff! Down payment amount, credit, and more…
One of the biggest mortgage tips you should know before you get started is to understand all of your own financial details. This makes the mortgage process go much more smoothly and eliminates surprises throughout the process. You should be aware of how much money you will be able to afford for a down payment, where that money will come from, and when you will be able to get it by. Nothing slows down the mortgage process more than a borrower who puts an offer in but can’t come up with the down payment when push comes to shove!
*You also need to have a vague idea of what your credit is (if you don’t know your credit score click here).
2. Keep It Together!
If you have a job keep it! Don’t quit half way through the mortgage process. In the process, you are borrowing a lot of money, and the more stable you appear on paper the easier it will be to let you borrow that money! Don’t quit your job, don’t buy a new car and don’t take on any more debt.
Open communication is the fastest and easiest way to ensure that everything goes well in the mortgage process! On the mortgage side, working with a local mortgage lender will usually allow for more open and expedient communication. On the customer side, however, it is important to be open with any questions, concerns, or things you encounter throughout the process. Even after you close, by staying in contact with your lender, you can make sure you always have the best possible interest rate to save money on your monthly payment.
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