The first step is to
figure out the amount that you are qualified to
borrow, and determine the options available to4 you.
This will increase your borrowing power. There are
many Lenders that have programs that allow you to
put little or no money down depending on your credit
history and loan amount.
Complete the online form and we find the Lenders
that will pre approve you based on the information
you provide. If you have not begun to look for a
home, you can estimate the property value. This will
at least give you a starting point.
Once you complete the online form, the lenders that
fit your criteria will contact you to make their
best loan offers. They will also discuss the lending
options that are available to you.
The down payment
This is the amount of money you have available to
put a down payment on the house you want to
purchase. Depending on your credit history, you may
qualify for a loan program that requires 0% down.
Don't forget to budget for closing costs
There are other costs beside your down payment
associated with purchasing a home. You have to take into
consideration closing costs. Some additional fees
associated with closing costs are points, lender's
fees, title charges, escrows for your property taxes
and home owners insurance. Many loan programs allow
the seller to contribute up to 6% of the sales price
to your closing costs.
What monthly payment is comfortable for you
Just because you qualify for a certain loan amount
doesn't mean you are required to use the
maximum financing available to you. Along with the
mortgage payment, property taxes, homeowner
insurance and all of your monthly liabilities don't
forget to budget for thing you like to do.
Vacations, entertainment, future college tuition
etc. also cost money and you do not want to deprive
yourself. You do not want overextend your budget and
work solely to make your mortgage payment.