There are many factors that influence your home buyer's approval. The first few years of your new home buying experience can make or break your efforts. Here are 5 tips to help you get the best price for your home purchase. Down payment: Your down payment need not be large, but must be substantial enough to make a significant difference to the total cost of a property. In today's buyers market, most traditional mortgages aimed at first time home buyers with good to excellent credit allow only 3% down. However, even a modest down payment can sometimes be difficult to come by. For this reason, it is always a good idea to work with a seasoned real estate agent who will do the legwork on your behalf to find the best mortgage offers in your area. Property features: While it is true that the price of the home features heavily in the minds of home buyers, just because it is priced at an average cost does not mean it is a bad deal. Most buyers today want to own homes that have additional property features. Do some research and find out what your prospective buyers actually desire. Are they looking for easy maintenance, curb appeal, or ample space? Work with your real estate agent to find out what those features might be and make sure to include them in your mortgage offer. You can click here for top mortgage providers or check out URB Chicago for more details. Credit Score: Home buyers are always concerned with how their credit score will affect their ability to qualify for a loan. It is important to remember that a higher credit score will not automatically secure a better mortgage rate or a better interest rate. Most lenders take into consideration a borrower's credit history when setting the interest rate on a loan. But as your credit score rises, so will your lender's willingness to lend you money. Your real estate agent can help you get preapproved or prequalified with a local lender on a particular home feature or type, and can also provide information on pre-foreclosure options. Working with a lender before shopping for a home, can make the experience easier and more profitable. FHA Mortgages: Did you know that there are HUD mortgages available to home buyers with lower than average credit scores? If you are currently in the process of improving your credit scores, you should consider applying for an FHA mortgage. This program is set up to help homeowners that may be at risk for bankruptcy or foreclosure. With an FHA mortgage, you can save thousands of dollars on mortgage costs over the life of the loan. Lenders have a variety of programs available to home buyers. You need to work with your lender to find out what your unique situation is and what kind of program might fit your needs. Working with your lender will also help you avoid common pitfalls such as adjustable rate mortgages or high-interest loans. Before shopping for a new mortgage, take the time to speak with your lender. Let them know how you would like to shop for the best possible rates and terms. Continue reading more on this here: https://www.huffingtonpost.ca/entry/mortgage-approval-tips-canada_ca_60099f45c5b62c0057c43681.
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