There are multiple steps to homeownership. The first step a prospective first time home buyer should make is to contact a Mortgage Lender and get prequalified for a home purchase. The advantages of prequalifying for a home purchase with a lender, includes;
- Determine current eligibility to purchase a home: A Mortgage Lender can determine a persons eligibility to purchase a home by pulling their credit report and analyzing it. As well as determining income eligibility by comparing the individuals current overall monthly debt to income ratio. If it is determined that you are not currently eligible to purchase a home. A lender can explain to you why, and provide valuable advice to help you obtain eligibility.
- Determine the loan that is best suited for the individual: A lender can evaluate an individuals credit and income profile and determine the best loan options that may be available for them. FHA, VA, USDA, and Conventional Loans all have their own benefits. A lender can help you determine which may work best for you.
- Determine your current purchase power: Knowing their current purchase power will help prospective home buyers narrow down their home search. A lender can estimate the monthly mortgage payment of various loan amounts so as to assist you with determining the shopping range you are comfortable with.
- Determine how much of a down payment you will need to purchase a home: How much money that will be needed to purchase a home depends upon several factors. The loan program, down payment assistance, or closing costs assistance programs. A lender can try and match you with any programs currently available that you may be eligible for.
If you are thinking about buying a home contact us we can help.
Email Us Or Call: 443-943-6486
No comments:
Post a Comment