If you have recently begun the process of finding your first home, then here are a few tips that will help you get the home loan you need.
Start Saving for a Down Payment Today
While you might be able to get away with a smaller down payment, buyers who put at least 20 percent down will enjoy quite a few benefits over the years. With a decent job and a 20 percent down payment, you will have a good chance of being approved for your home loan the very first time you apply.
Stick With Your Employer
One of the biggest mistakes that a buyer can make is switching jobs during this process. If you absolutely must take the job, then you should consider waiting to find a new home. At the very least, your lender will want a letter of intent from your new employer showing that they plan on keeping you in the company for the next three years.
Tackle Your Current Debt
Your current debt will be a major factor when your loan officer is determining your eligibility. While a substantial amount of debt will not destroy your chances of being approved, it is not ideal to have outstanding accounts for cars, credit cards, and student loans.
Find a Good Starter Home
Just because you think you can afford a larger home does not mean that you should purchase a huge piece of property. Lenders must take a bigger risk on buyers who are interested in expensive pieces of property, and that means they will most likely ask for a much larger down payment.
Communicate With Your Lender
Once you have submitted the initial paperwork to your lending company, you must stay in communication with a loan officer, like one from the Assurance Financial Group, who is knowledgeable about the entire loan process and can help you through every step. To help you, though, your lender will most likely need additional information or want to verify some of the information you have provided, and you need to be prompt with all responses. Waiting too long could delay the loan process and force you to start all over again.
Signing for your home loan will be one of the biggest financial decisions you ever make, and that is why it is so important to spend extra time working on your credit and finding the best rates possible.
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