Tips for Securing a Home Mortgage

Have you just decided the timing is right to purchase a home of your own? Whether you’re looking at a condo, townhouse, or farmhouse on several acres, getting pre-approved for a mortgage will make the whole house hunting, negotiating and closing process much simpler. Many seasoned real estate agents will not work with clients that have not received a letter of mortgage pre-approval and verification of down payment funds for the homes in their desired price range. Getting pre-approved is time well spent on many levels. First, it truly opens your eyes to the complexity of the financial commitments you are about to undertake, it gives you’re a clear composite of your current financial health and finally, it makes you a stronger buyer and negotiator. Follow these steps from the mortgage gurus and professional real estate agents to get started on the right path to securing your dream home.

Get recommendations from your family, friends or coworker for a reputable mortgage professional. Make an appointment to complete an application. You will be given a list of documents to bring to the appointment. It is very important that you secure up to date copies of all requested documentation in or to complete an application, have it reviewed by underwriters and ultimately receive a letter of pre-approval.

Several months prior to purchasing a home, you may need to take a close look at your credit score and address any discrepancies. Do you need to pay down credit cards to quality? Do you need to save additional funds for a down payment and closing costs? Move into savings and austerity mode – purchasing and closing on a home is an expensive undertaking. Take advantage of the awesome deals offered by Groupon coupons and save big bucks when shopping for basic items and apparel from Lids.com. Keep your shopping to a minimum and certainly do not take on any additional debt after you’ve been pre-approved. Now is not the time to finance a house full of furniture or a new car.

One of the most important considerations in selecting a home is its location. Your real estate agent can help guide you towards areas that have remained desirable over the decades and where properties have maintained strong values. These are generally older sections of town. Best of luck to you in your search for your new home!

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