placeholder

 

Beach Community Mortgage mission

The Beach Blog

Prepare for Home Ownership: Steps You Can Take to Get There!
june 10 , 2009


Today, there are a growing number of obstacles for homebuyers, including a higher credit score standard and more restrictions on credit. You should have a thorough understanding of the changing market when shopping for a mortgage.

  • Be aware of first-time homebuyer programs. Ask about them when you contact a lender.  The IRS is currently offering up to $8,000 in tax credits!
  • Get pre-approved. Know the difference between “pre-qualified” and “pre-approved.” Getting pre-qualified is a casual process where the lender tells you how much you should be able to borrow based on how much money you make, how much debt you have and how much you have to put down on a house. Pre-approval occurs only after you actually apply for the loan and the lender gives you in writing the amount you can borrow. A buyer who is pre-approved is more attractive to sellers and their agents than one who is only pre-qualified. Once you find a mortgage that is best for you, get pre-approved before you start making offers on a home.
  • Be honest with the lender and yourself. You don’t want to borrow more than you can afford and lending guidelines are there to protect you as well as the lender.
  • Look at the basics of the loan. Don’t get distracted by all the bells and whistles. Choose the type of loan that makes the most sense for you.
  • Know your credit situation. Obtain a copy of your credit report and FICO score at least six months before you apply for a mortgage. This should give you enough time to challenge and remove any errors on your credit report and take care of anything that’s hurting your credit score.
  • Consider all the costs. A lender will review costs like fees, closing costs, points, homeowner insurance, and taxes. But consumers should also consider repairs and maintenance costs. As a homeowner, you are responsible for those additional costs – there won’t be a landlord to call.
  • Organize your finances before you go to the lender. While each lender may require different documentation, at a minimum you will need:
    • Pay stubs.
    • Tax returns.
    • Financial statements (one that is less than 60 days old).
    • Copies of additional monthly payments such as car loans, credit cards, student loans, etc.
    • Any additional information (such as proof of additional income) that you think will help your banker to positively evaluate your credit request.


CALL BEACH COMMUNITY MORTGAGE!!  We can help with all the steps it takes to be a successful homeowner.  Our goal is your goal – a mortgage that meets your family budget.  Contact one of our Mortgage Loan Consultants today!


Posted by Pam Woodall

Recent Posts

The Good, the Bad and the Good
5.6.2009
Spring into Homeownership!
3.9.2009
What Are You Waiting For?
2.17.2009
Believe in 2009
1.5.2009
Good Neighbors
11.12.2008
What Used to Be Neapolitan is Now Plain Vanilla
10.15.2008
Understanding the Market
             9.23.2008
Do Something About Your Taxes!
9.04.2008
Things to Do When Applying for a Mortgage
8.25.2008
Tax Relief for First Time Homebuyers
8.11.2008
Put More Money in Your Pocket
 
7.30.2008
Down Payment "Gifts" Available
7.23.2008
Freddie Mac and Fannie Mae Over Exposure
7.14.2008
The Beach Just Got Better
                     7.1.2008
Fed Cuts Rates Again
                               2.14.2008   

Florida Market, Better than Reported
1.18.2008

   

Beach Mortgage Apply online