Mortgage Madness: How to See Your Way Through the Home-Buying Process

Mortgage Madness: How to See Your Way Through the Home-Buying Process

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Buying a home is the biggest financial commitment that most people will ever make. Even a small home is likely to be a six-figure investment, and most people need to borrow most or all of the purchase price. To make your home purchase go more smoothly, it helps to know how to navigate through the process.

Work With a Realtor

If you are buying a home, there is absolutely no reason not to work with a Realtor. A Realtor receives no commission from a buyer and gets paid only when a sale occurs. That means there is no risk, financial or otherwise, for a buyer when working with a Realtor. On the other hand, there are a number of benefits to having the experience and expertise of a real estate agent to help you through the home-buying process.

Check Your Credit Score

One of the most important factors in qualifying for a mortgage is your credit score. In fact, your credit score can carry more weight than your income and what kind of down payment you have. Those with high credit scores are the ones who qualify for the lowest mortgage rates, which can save you tens of thousands of dollars over the life of the loan. You can get an idea for how much house you can afford by using an online mortgage calculator.

Get Pre-Qualified

One of the worst things when house hunting is to find the home of your dreams and then not be able to get a mortgage for the amount you need to buy it. Professionals, like those at Premium Mortgage Corp, realize that you can help prevent that from happening by getting pre-qualified for a mortgage. Getting pre-qualified takes more work than getting pre-approved and it actually involves submitting pay stubs and tax returns and going through a credit check. The process does not guarantee you a mortgage, but it does give you a good idea of what amount you can qualify for and if there are any red flags you have to overcome.

Be Prepared for Closing

Once you have put an offer on a house, that’s just the start of what could be a months-long process. Closing on the home can take anywhere from a few weeks to a few months. Make sure you have the money to pay closing costs and also make sure you have some wiggle room built into your schedule in case there are hiccups.

Buying a home is a complicated process. You can make it less complicated, though, by preparing for the process and getting the help of experts along the way.

Home Financing reference:

mortgage financing 101

 
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