People
often ask when the best time to buy a house is. The answer is: right now.
Current mortgage rates are the lowest they’ve been in many years. Though it is
not as easy to quality for a home loan now as it was several years ago,
borrowers who are prepared and have the professional support of a quality
lender, improve their position considerably. This blog discusses the best way
to prepare for a mortgage loan, so when you are ready for home ownership, you
have a better chance of successful funding.
These
tips will help you prepare to obtain a mortgage:
·
Have
an idea of how much you can afford - though this can change once you consult
with your qualified loan officer, it helps to have a starting point. Start by completing a loan
application form for us so a loan officer has their specific financial
information and can run qualifying numbers
·
Know
your credit scores - it is easy to obtain a credit report. This will give you scores and show any areas
of concern which you may need to address
·
Know
what documentation you are going to need. Our application process at
Intercoastal Mortgage Company is very easy and streamlined, your loan officer
will tell you what you will need to produce as you move through to closing your
loan. Examples of documentation would be copies of pay stubs, W-2 forms, and
bank statements.
·
Have
your documents ready when we need them - when you find the house you want, you
don’t want your processing delayed while you search for documents.
·
A
little education can go a long way - know the current interest rates, learn how
closing costs, points, and different types of loans effect the terms. We help
our clients put all of this in perspective to make the best choice for their
individual situation.
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