Your Seattle, Washington home inspection company, Property Inspector LLC, is pleased to share with you home mortgage tips to help you breath easier.
Home ownership is a dream that is shared by many. This dream is usually achieved through a mortgage. Yet, the mortgage aspect of this dream often turns into a nightmare. If you want to keep the mortgage portion of your life nice and dreamy, read this article for tips and tricks to use.
Have at least 20 percent of the purchase price saved. Lenders will want to verify that you have not borrowed the money, so it is important that you save the money and show deposits into your checking or savings account. Down payments cannot be borrowed; thus it is important to show a paper trail of deposits.
You can apply for a refinanced mortgage, thanks to HARP, even when you are very much under water. Many homeowners had tried to refinance unsuccessfully until they introduced this program. Check to see if it could improve your situation with lower payments and credit benefits.
Getting the right mortgage for your needs is not just a matter of comparing mortgage interest rates. When looking at offers from different lending institutions you must also consider fees, points and closing costs. Compare all of these factors from at least three different lenders before you decide which mortgage is best for you.
You must have a stable work history in order to get a mortgage. The majority of lenders want to see no less than two years’ worth of stable employment to grant approval. Switching jobs too often can cause you to be disqualified for a mortgage. Do not quit your job while a loan application is in process.
Try shopping around for a home mortgage. When you do shop around, you need to do more than just compare interest rates. While they’re important, you need to consider closing costs, points and the different types of loans. Try getting estimates from a few banks and mortgage brokers before deciding the best combination for your situation.
Check with your local Better Business Bureau before giving personal information to any lender. Unfortunately, there are predatory lenders out there that are only out to steal your identity. By checking with your BBB, you can ensure that you are only giving your information to a legitimate home mortgage lender.
Find out how much your mortgage broker will be making off of the transaction. Many times mortgage broker commissions are negotiable just like real estate agent commissions are negotiable. Get this information and writing and take the time to look over the fee schedule to ensure the items listed are correct.
After you’ve been approved for your home mortgage and are ready to move in, consider starting a home emergency fund right away. Being a homeowner means always being prepared for the unexpected, so having a stash of cash stored away is a very smart move. You don’t want to have to choose between paying your mortgage and fixing a hole in the roof down the road.
As mentioned in the introduction, the concept of owning your own home is a dream that you share with most everyone. Yet, if you have ever had to deal with financing or having a mortgage, you know that is the flipside of the coin. Hopefully, the ideas presented within this article make your mortgage dealings a breeze.
For home inspection services in the Seattle area, look to Property Inspector, LLC. Call Or Text (425) 985-3289 for immediate service. Click here to take advantage of our online scheduling for your convenience.
Call Or Text (425) 985-3289 to get the most comprehensive home inspection in the Seattle area. Property Inspector, LLC has been perfecting the art of Home Inspection since 2001. The industry has continued to evolve with new standards and more advanced technology to confirm the condition of the home. But one thing has remained consistent: our dedication to providing the best Home Inspection solutions.
