Tips & Advice For Getting A Loan
Deciding to buy a home can be an exciting time, however, finding a home is only one part of the process. Getting the right loan for you is a very important step. Below you will find some tips to make finding a loan perfect for you and your family a breeze. If you would like additional help or have questions please don’t hesitate to Contact Us
1.) Start Saving Now
Down payments on a home loan can range from 2.25% to 20% of the loan total. This all depends on the type of loan you take and then lender that you choose, so take your time! First, take a closer look at your monthly income vs bills and figure out what you can afford to put back each month for your down payment. A good idea is to automatically pull this money from your paycheck or bank account into a separate savings account making it easier to put money aside.
2.) Credit Score
3.) Get Required Documents Together
4.) Use A Mortgage Calculator
With this tool you can get a better idea of what you can actually afford to purchase based on your current financials, this tool will show you what to expect for a monthly mortgage payment considering variables like the interest rate, down payment, & home price.
5.) Get Pre-Qualified
It is fairly easy to get pre-qualified, most of the time you will just need to provide a few bits of financial information about yourself like the amount of savings, investments, & current income. Getting pre-qualified will give you a better idea of how much you can afford to borrow along with the price range of homes you should be looking at.