Secure Financing

Financing a Home

mortgage financing home cincinnatiWhile you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home.

Six steps to Financing a Home

  • Choose a loan officer (or mortgage specialist).
  • Make a loan application and get preapproved.
  • Determine what you want to pay and select a loan option.
  • Submit to the lender an accepted purchase offer contract.
  • Get an appraisal and title commitment.
  • Obtain funding at closing.

Gregg Sutter has 30+ years experience in the Real Estate business, and will walk you thru every step. 

What Lenders Need To See

Lenders need to see financial stability and a good track record.

mortgage lender

They want to see how risky you are as a borrower, and they want to minimize those risks.  On the other hand, financial institutions and mortgage companies have to lend money to homebuyers because that’s how they stay in business. Your mission is to show them that YOU are a good investment for them.  Your lender uses many factors to determine how risky it would be to lend you money, and that level of risk determines how much money they’re willing to lend you, and what interest rate they will charge you.

Here are three of the main factors they use:

  • How much money do you make? The amount of money you bring home every month must be enough in their eyes for you to be able to make your mortgage payment as well as meet your other financial obligations. If you don’t make enough money for their strict requirements, you won’t stand a chance.
  • What is your credit score? If ever there was a time when your credit score counted, this is it. This is the reason we all need to monitor to our credit scores regularly, and try keep them blemish-free. The higher your score, the more house you’ll be able to buy, and the lower your interest rate, down payment and monthly payments will be.
  • What do you do for a living? Lenders want to see that you’re a good breadwinner, and that your history shows steady and long-term employment. Nobody likes a quitter, so if you have a history of job hopping or lapses in employment, you’ll have some explaining to do. If you can’t hold down a steady job, you’re going to have trouble making the mortgage payments.

Unavoidable Costs when Purchasing a New Home

Account for Those Unavoidable Costs when Purchasing Your New Home

After careful calculations in estimating how much house you can afford, which usually includes your; property cost and interest rate of the loan, insurance costs, and the property tax.

CalculatorAfter all that is taken in to account, you must not forget those “other things” that could potentially break your budget.

Some of those “other things” you may want to think about are:

  • Real Estate Agents Fee
  • Appraisal of the property
  • Home inspection prior to purchase
  • Moving costs
  • Future estimated cost of the utilities
  • Purchase of any new furnishings
  • Potential maintenance and or renovations
  • Homeowners Association Fees

Being prepared can help you to overcome any of those barriers that can keep you from home ownership. You have been very careful not to exceed your budget thus far, so don't let those additional expenses, which can add up, and very quickly put you over the edge!

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