How Difficult is it to Get a Home Loan?
If you’re considering purchasing a home you may need to obtain financing. If you’re like most of us, you don’t have a few hundred thousand dollars sitting in your back pocket so financing or applying for home loan is really the only option. But how difficult is it to get a mortgage?
We want your experience to be fun, educational, and as easy as possible when it comes to financing real estate. If this is the first time you’ve ever purchased a home it helps to know the process, the transaction, and all the small details that go into making up a monthly mortgage payment. Simply amortizing the loan over the life of the term into monthly payments is not the actual amount you will be paying each month. On top of the principal mortgage payment that pays down the loan you will also have taxes, insurance, and interest. This can add several hundred dollars to the monthly mortgage payment that many first-time homebuyers are unaware of.
A lot of factors go into determining eligibility when it comes to a home loan. Your credit history, score, and income all play a factor to how much home you can actually afford. Just because you have a poor or low credit score doesn’t necessarily mean you are in eligible but it may mean a higher interest rate to cover the risk that lenders are willing to take
on. One of the biggest factors that lenders look at is your history. How long if you’ve been in your job? How stable is your income? Do you pay regularly on all of your bills? Lenders base your eligibility on their risk. Are you a high risk applicant or low risk applicant?
One of the best ways to determine your eligibility is to have a mortgage broker or officer sit down with you and go over all of your finances, debts and income, current and past credit history and score and offer you suggestions, options and programs that meet your needs.
Currently, there are hundreds of government programs for distressed borrowers, closing cost and down payment assistance programs, and options for those that may have less-than-perfect credit. We are experienced in helping folks find exactly what they need, in the price range that meets their budget. I want to explain everything to you in plain terms, easy-to-understand to that you have a full, working knowledge of the loan process. Knowledge is power and we want to make sure that all of our applicants have all the details to make an informed decision on getting the right home loan for their needs. Call me today and let’s discuss your finances and how easy obtaining a mortgage loan may be for you.
More information for first time buyers:
Fixed or Adjustable Rate Mortgage – Which is Best for Me?
FHA Regulations for Distressed Borrowers