It is important to find the right mortgage product and rate & terms before you start to purchase a property. Here are a few tips and strategies to help you prepare for your property purchase and avoid unnecessary steps:
Our mortgage planner can help you:
– Finance your home based on your monthly payment comfort level
– Determine how much cash to use as your down payment and how to allocate your funds
– Understand your before and after-tax monthly payments
– Restructure your other debt to free up more monthly cash flow which enables you to improve your home buying budget
You may obtain a better interest rate and more favorable loan terms by restructuring some of your credit card balances, auto loans, etc. Our mortgage planners can help you correct errors on your credit report and determine which balances to restructure or pay off in order to improve your credit score.
It is recommended to obtain a full approval/ loan commitment from our mortgage planner before you even start looking for a home. Most pre-approval and pre-qualifications are not considered a bona fide commitment from a mortgage lender that in fact has approved you for financing. Many real estate transactions have been canceled because buyers, sellers, and realtors have counted on pre-qualification letters that proved meaningless.
It is far better to have a Mortgage Planner who can implement the best strategy for you to obtain competitive interest rates than to shop for the lowest rates with the wrong strategy.
It is always wise to base your decision to buy or not buy on facts that would pertain to your demographic & geographic area versus the whole nation. Our professionals can help you evaluate conditions that will affect your local real estate market, such as local housing inventory, local unemployment rate, income speculations & development projects, and other factors that can help you make intelligent choices on whether to buy or not.
Our professionals will help you understand the future costs involved in homeownership and help you develop a financial strategy for dealing with these costs ahead of time.