Given the ongoing fluctuations and uncertainties in the housing market, it's important to use these tips when shopping for a mortgage.
✅ Understand your credit score. See if there are ways to improve your credit score. If you can raise your score, it will help you get a lower mortgage rate which means lower mortgage payments.
✅ Meet with lenders. Getting to know lenders and what loans you potentially qualify for will put you in a stronger position once you are prepared to purchase a home. Shop around online, by phone or in-person at a branch location to find the best mortgage lender for you.
✅ Review your financial situation. Review your monthly debt payments against your usual income to determine a comfortable monthly payment amount so you know how much home you can afford. You may discover you have to expand your search to locations with lower home prices.
✅ Use a mortgage calculator. Once you have a sense of the types of loans you qualify for, calculate your estimated monthly payments, punch in your numbers into calculators such as a 30-year fixed mortgage calculator, 15-year fixed mortgage calculator, FHA loan calculator or mortgage amortization calculator.
✅ Manage your money. Use this time to save money toward your down payment. The more you can put down on a home, the smaller the loan you will need and the less you will pay overall for a mortgage.
Looking to buy or sell your home? Call me today!
Gary "Mr. Action" Fayerman
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