Recent Posts

Are You Mortgage Ready?


Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home, and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the equity market. There are many financial considerations to make note of before you start looking for a home. If you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make.

Finance plays a huge role in the decision to purchase your first home. This is to be expected since you are purchasing your first home and you are not likely to have a few hundred thousand dollars sitting around. Like most, you will have to obtain mortgage financing. Prior to applying for a mortgage loan, you should make sure that you are prepared for the application process which involves looking at your credit history (in addition to your income). If there are any issues that you know of with your credit, then you should take care of them before you apply for a mortgage. Sometimes an issue with your credit can involve a simple case of oversight, some things have been taken care of and not recorded as such by the credit bureaus. There can also be some debts that you will need to address. Once these creditors are taken care of, be sure to get a letter of release that you can show to the mortgage broker or company if necessary. If there are no issues with your credit, then that will only make the process easier.

There is no stronger tool in the home buying process than having all your financing in line before you start shopping for a home. This is a great attraction for sellers as they want their homes to sell quickly and without incident or trouble in the financing phase. A buyer with ready-to-go financing will hold greater favor with almost any seller. In fact, buyer’s agents will not be willing to show you properties or work with you until you are pre-approved for a mortgage.

If you prepare yourself in advance for a mortgage loan, then the whole process will go much more smoothly and you will be able to dedicate your time to the important task of finding the right home that will suit your needs and preferences.

Our “Mortgage Ready” service can help you with all of these issues and tell you exactly what needs to be done to secure a mortgage loan. To read more about this service, click here.

Categories
2020 ©1st American Realty Group, LLC.