Mortgage Advice!

Posted by Admirals Cove Homes on Aug 18, 2014 in Home, Real Estate | 0 comments

Buying a home is one of the most important things a person will ever do in their lifetime and unless you plan on paying cash you will need a home mortgage loan to help you pay for it. So here is a list of five pieces of advice that will help you make it through your home mortgage experience successfully.

1.)   Be Sure Your Credit Is Golden: Credit standards are extremely tight currently and so it is very important your credit is as good as it can be. In order for you to get the best possible interest rate for your home loan it is crucial that you are sure your credit is golden and then keep it that way until you close.

2.)   Document Your Finances: It is critical that you document your finances because lenders are extremely diligent these days when it comes to underwriting home loans. This is due to new rules and regulations that pressure mortgage lenders to verify borrowers have the ability to repair their loan.

3.)   Get Pre-Approved For Your Loan: It is imperative that you get pre-approved for a loan. Not only does this help you better understand what you can afford in a home, most sellers won’t even set up a showing unless you have been pre-approved for a home loan already.

4.)   Be Careful Until You Close: You may have been pre-approved for your loan but that does not mean you are sitting pretty. Be sure to follow up with your lender at least once or twice a week until you have closed on your new home. Do not do anything that can affect your credit or your standing with your lender.

5.)   Keep Constant Communication Going: It is important that even after you close on your home you keep constant communication going with your lender. Especially if you are struggling to make your payments because there are new programs available for those having trouble paying their mortgage.

These are great pieces of mortgage advice for anyone looking to buy a home not just buyers of the fabulous real estate in Admirals Cove. So please consider sharing this article socially!