What to Do to Get a Mortgage

We hear from a lot of people who are confused on what to do to get a mortgage.  There are a few tips that we can give you to make sure that you can buy the home that you want and can comfortably afford.

Strengthen your credit.

Building your credit is the first line of attack in buying a home because everything flows from there.  Having great credit is key to your application and helps not only get you into the home, but helps get you a lower interest rate and payments, and offers up more options for you to be able to pay off the mortgage in different ways.

When you have good credit, it’s easier to get a mortgage and you save money on your mortgage.  It’s that simple.

Know what you can afford.

If you have an idea what you can afford, you can budget properly and apply for an amount of money that makes sense for you.  We can help you find that dollar amount and get you the right mortgage for you.  Knowing what you can afford isn’t just your mortgage though.  It’s your bills, taxes, and everything that goes along with buying a home and supporting your family.  That leads us to…

Build your savings. 

Putting away money towards your savings is the best way to help your budgeting.  You need money to put down on your mortgage, but you also need money to pay your bills and live going forward.  We need to see that you have the ability to make all of your bill payments as well as your mortgage.  Building your savings helps you hedge against future issues as well as showing an ability to pay your bills and be prepared for the future.  It’s a sign of personal responsibility that makes us more likely to lend you money.

Get pre-approved for a mortgage.

Before you shop for a home, know what you are pre-approved for.  In a market like today’s hot housing market, having a preapproval is a necessity because all of the other homebuyers in your vicinity are getting them.  Don’t be the only ones at the table without a preapproval making you a serious buyer.

Consider your mortgage options. Are you looking for a 15 or 30-year?  Do you want a Conventional mortgage or want to put down less on an FHA loan?  Know what type of mortgage you are shooting for when you apply.  We are happy to help you decide and give you all of the options that you qualify for.

Be patient, but act fast.

Don’t wait on buying a home.  The market is hot and rates are low, so you have lots of competition for your mortgage.  Don’t let someone else buy your house.  Get in there first by getting preapproved and making a strong offer.

Prepare for the home stretch. 

Don’t drop the ball at the end.  Have all of your paperwork ready.  Be available to answer questions about your mortgage.  Be there for the appraisal and inspections.  Don’t buy a bunch of stuff in between pre-approval and final approval.  Just maintain your mortgage and you will get your home.

For those of you who haven’t been able to refinance your mortgage since the 2008 crash because you are self-employed or a business owner and write off too much of your income, our new Bank Statement Mortgage can help you get your home refinanced or buy the new home of your dreams.

Call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, Nashville at (615) 810-8555 or Birmingham, AL at (205)721-7656.  You can always apply online at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you.  Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?

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