02/03/2023
5 Tips When Preparing for a Mortgage...
1. Start with your credit report: The first thing lenders will probably do when you apply for a mortgage loan is to check your credit; you should, too.
2. Do your homework: You’re finding a home but you’re also making a financial commitment. Research loans, rates and brokers before you commit to anything.
3.Be realistic about what you can afford: Home ownership may be the American dream, but keep one foot on the ground
4. Understand how lenders operate: Lenders base much of their decision about your loan on your credit score, is a reflection of their confidence in your ability to repay them.
5.The larger your down payment, the wider your options: So within a realistic framework of what you can afford, the more you put down, the better your terms.
“Not now” doesn’t mean “never” - Home ownership is just not a realistic option for everyone right now, despite what may look like once-in-lifetime mortgage rates. If you fall into this category, don’t despair.