Tips on Securing a Mortgage Loan

 

Many first-time homebuyers in Coral Springs are initially overwhelmed when attempting to secure a home mortgage loan. It can be an intimidating experience, if you’re not sure what you’re doing. But like anything else, the key to success is preparation. There’s no substitute for proper organization and planning. If you’re applying for a mortgage loan for the first time, it’s important to provide all the information you need to a lender to prove you can pay back the loan.

The first thing you want to do is try to project your future income and expenses. This is not the easiest process. Do the proper research and try to estimate the costs you will need to pay for utilities, repairs, homeowner’s insurance, property taxes and maintenance. Then take that total and add it to your projected monthly loan. From that point, you should have a good indication whether you can afford to purchase a house.

Secondly, it’s extremely important to know your credit score. Simply go online to find your FICO score. Most prospective homebuyers will need to score at least a 730 to qualify for the lowest interest rates. Mortgage lenders need to see evidence that you can consistently make timely payments. If your credit score high, you need to prove you have steady income and enough savings to qualify for a mortgage loan. The higher you are able to increase you credit money, the more money you will save on interest payments from the loan.

Take the time to order copies of your credit report from all three bureaus. If you’ve noticed any errors or discrepancies, make a request in writing to TransUnion, Equifax or Experian to correct the mistake. Just one bad credit score can cost you a chance for a mortgage loan. It’s recommended to check your credit reports at least once a year.

It’s never too early to save money. If you want to get a good interest rate, it’s important to place as much money as you can on a down payment. The higher the down payment, the more credibility you will gain with mortgage lenders.

Do your homework on mortgage lenders. Ask around and compare different lenders to find the best deal. When doing your research, try to ask questions about interest fees, points, application fees and specific information about different loan programs. When talking to different lenders make sure they distinguish whether they’re quoting interest rates for the week or day. To learn how much you will need to pay, make sure the lender quotes points in dollar amounts.

After you’ve completed all of these steps, you’re now finally ready to apply for a loan. Nothing is guaranteed. But securing a home mortgage loan should be a little less intimidating. If you know your credit is good, you’ve cleared a major hurdle. Be ready to supply information to prove your length of employment, income, assets, liabilities, investments, other mortgage loans and household expenses. A mortgage lender in Boca Raton or elsewhere in South Florida will need a copy of the sales contract along with the address and description of the property.

Ace Mortgage Loan Corp. has established a quality reputation for mortgage loan services for people in Broward and Palm Beach Counties. Call today at (954) 777-4774 or visit our office in Coral Springs.

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