Buying a house is a bit like planning for your wedding day — there are months packed with excitement, stress, planning, and then, finally, the big payoff. Although I can’t help you with
Steps To Finding The Right Mortgage
Dated: 11/30/2017
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One of the most overwhelming obstacles in the homebuying process is obtaining the right mortgage. There is literally thousands of articles online all telling you different things and I wanted to write this article to provide some clarity to the process.
The first consideration you must face is whether or not you are ready to qualify for a mortgage. You may be ready to qualify if:
Your credit score is healthy
You have had consistent income for up to two years
You have the cash to place a 5% - 20% down payment
If you seem to fit the bill, great! If not, no worries. This is a process and sometimes we have to work toward being financially fit before we go after our dream of home ownership. With that being said, here is a high level, step by step process to finding and obtaining the right mortgage for you:
Credit check - is your credit score on point?
Find your lender - can you trust them to provide you with the best options?
The magic number - how much can and should you afford? In other words, what loan amount should you seek?
The right fit - explore and decide on the right mortgage for you.
Documents - collect and organize all documentation needed by your lender
Paperwork - get it signed and get house shopping!
This process is confusing, and as your agent I can help you navigate through the process. If at any point you would like to talk about finding the right mortgage, please reach out to me directly.
Paula Schoof
Paula is a lifelong resident of the Cedar Valley. She and her husband Rich are both graduates of UNI with BAs in Business Management. She spent many years as a Sales Representative for RJ Reynolds and....
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