Purchasing a home is an exciting time. In today’s market, homes are selling faster than ever. Here are some tips from the pros on what you need to know so you can move fast when you’re ready.
We can help you prepare and finance your new home.
A Tudor, a ranch, or maybe a cute condo. You may already have an idea of what style of home you want but are unsure of the process of making your dream a reality. Let us help you get started. We are a national lender that specializes in home loans. And as such, we can show you all of our options, be your guide, and assist in making the entire process go as smoothly as possible.
Here are some recommendations from our Loan Advisors that you should know before you start shopping:
- Know your credit score. Your credit score is an important factor in obtaining a loan. Having a good one may help you get a better rate. So review your score before you start shopping, and if it’s low, you may want to take the time to improve it before you get serious about buying. Talk to a Loan Advisor to get started.
- Are you wondering if you’re ready to buy, or should you just rent? Renting is a great way to show that you are responsible. If you make rent payments on time, it definitely helps your credit rating. However, if you’re already there and ready to commit, then buying is a great way to reap the rewards of owning and investing in your future.
- Know the difference between pre-qualified and a loan approval. Many first-time homebuyers believe that getting pre-qualified means they have loan approval. This is not the case. Getting pre-qualified is the first step in the mortgage process where you share your overall financial snapshot with your lender, including debt, income, and assets. After reviewing, your Loan Advisor can give you an idea of how much you can afford. The next step would be a loan approval. Subsequently, the loan approval process is a much more detailed endeavor in that you’ll complete an application and your Loan Advisor will perform a rigorous check on your financial background and credit score.1
- Fees you may have to pay on your own. Deposits, home inspections, appraisals, and closing costs are all important steps in the process, but these steps may also be out-of-pocket costs. A Loan Advisor will work with you to review all the fees that are potentially involved. Part of the process is providing a borrower with what is called an L.E. or a Loan Estimate. It breaks down all of the details of a mortgage loan.
- Shop based on a maximum mortgage payment and not on purchase price. Roof work? Alarm system? New windows? Work within a mortgage payment that fits within your preferred budget and comfort level. Unexpected expenses do pop up with homeownership. Ensuring you have a financial cushion to cover additional costs is key.
- Know your loan options. There are many available. We are a leader in mortgage lending and offer a wide variety of fixed- and adjustable-rate mortgages including low down payment options and flexible terms to help you achieve your goals and fit within your budget.
Our Loan Advisors take pride in crafting mortgage loan solutions that best fits you and meets your goals. Are you a veteran? If so, a VA Loan may be the perfect fit for you. Are you a first-time homebuyer who may not have a lot of money to use as down payments? You may be a candidate for an FHA loan. Are you a doctor or lawyer who recently graduated and may be carrying some excess student debt? A Professional Loan may make sense for you.
When you work with our mortgage team, you’ll know you’re in good hands. We are well-versed in all types of purchases (from homes to condos), offer competitive interest rates, and we can help craft just the right solution for you.
1 Investopia, 2018
This is not a commitment to lend. Programs available to qualified borrowers. Subject to credit approval, underwriting approval and lender terms and conditions. Program terms available may be based on the state or county in which the financed property is located. Programs subject to change without notice. Additional restrictions may apply.
While Opes Advisors, a division of Flagstar Bank, Member FDIC, uses all reasonable efforts to ensure that this information is current, accurate and complete on the date of publication, no representations or warranties are made (express or implied) as to the reliability, accuracy or completeness of such information. Opes Advisors, a division of Flagstar Bank, Member FDIC, therefore, cannot be held liable for any loss arising or indirectly from the use of, or any action taken in reliance on, any information appearing in this. Equal housing lender.