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Three Critical
Steps To Your First Home Mortgage[1]
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Buying your first home can be overwhelming! In addition, just the act
of learning all of the terminology that lenders, Realtors and title
companies use can seem impossible from the onset. And while it’s true
that there are a lot of details, we have good news for you! We’ve put
together three simple steps, and if you follow them, it’s a guarantee
that the process will go smoother for you.
The first thing you need to do is figure out what you can afford. One
way to do this is to use a rent vs. own calculator—which you can find
online along with many other helpful calculators that will help determine
mortgage factors—and determine if you are able to swing a house payment.
The general rule of thumb is that you should purchase a home with a
value of two or three times your annual household income—although you
should also factor in the amount of your savings, as well as your debts.
To help you even more, talk to a mortgage banker while in this stage
of the process because they will be able to give you advice and steer
you in the right direction. Once you have determined your target sales
price, it’s time to start looking!
When you have found a house you want, the next step is to meet again
with your mortgage banker, only this time to do business! It’s important
to have your paperwork in order before your meeting to discuss your
home mortgage. The lender will want to see information about your employment
and income—such as tax returns, information regarding dividend and interest
income, and information on any other regular income you may receive
(alimony, child support, etc.)—from the last two years. Additionally,
bring bank statements – from both checking and savings – as well as
statements from any investments in stocks, bonds, retirement funds or
life insurance policies. They will also need to know the value of your
personal property as assets, such as your car(s). Finally, they will
need to understand your credit history thoroughly, and this includes
all information about any loans or debts. (This could include your car
loan, credit card balances, or personal loans.)
The final step in the process is to decide which type of home mortgage
is best for you. You can do a great deal of research online with mortgage
calculators and planning tools that will help you estimate your monthly
payments with each type of loan. In addition, you can research the types
of loans available and keep up-to-date on the current interest rates.
After you’ve done your own research, talk to you mortgage banker to
get some expert advice. Will you apply for a 15 or 30 year loan? A fixed
rate or an adjustable one? He or she will take into consideration several
factors when deciding which loan to recommend, such as your current
financial situation and whether or not your finances are expected to
change. It will also be important to look at how long you plan to keep
your home.
First time buyers can also contact the Federal Housing Administration
(FHA) regarding loans that are government-insured home mortgages for
first time home buyers. These loans allow a lower down payment and loosen
up qualifications. You can get information about them from most lenders.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
Credit
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