Buying your first home can be incredibly exciting! However, it’s also the most expensive investment you’ll probably ever make. This is precisely why it’s important to have a good understanding of what you’re getting yourself into, what the process looks like, and how to successfully choose new home loans in Pompano Beach. At Ace Mortgage Loan Corp. we’ve been helping South Florida residents buy the homes of their dreams for decades. In this article, we’ve created a helpful checklist for those who are looking to embark on the journey for the first time! Keep reading to learn more.
- Get Pre-Qualified for Home Loans in Pompano Beach
Our first word of advice is to get pre-qualification from a loan officer. This will help you to determine what size loan you can afford, and what will make the most sense for you and your family. It’s important to have an understanding of your own finances, in order to follow along with their recommendations.
- Income
Again, it’s important to have a good handle of your finances prior to deciding on a new home loan. The reason being is that you don’t want to choose a mortgage that is more than you can handle. Additionally, a loan officer will look at your debt to income ration, what kind of work you do, your work history, and so much more. All of these factors create the loan size recommended. Keep in mind your future plans as well, as a mortgage is a long-term sign-up.
- Credit History
Your credit history is a large determining factor when it comes to identifying what kind of mortgage is for you. If you have poor credit, you’re going to have a harder time getting approved. If you have incredible credit scores, then the process should be a breeze, assuming that everything else lines up. If you have poor credit, there’s no need to worry. There are options out there that can either help you to boost your credit, or that will help you recover some past damages.
- Savings Account
A loan officer will also look at how much money you have saved in your savings account. Many people don’t know this, but it’s an important factor. Depending on the type of loan you decide on, you’ll need to put down a down payment. Often, the down payment is quite large, and you might need to pull from your savings to cover it.
- Start House Hunting
Now that you know what your limits are, you can start house hunting. It’s recommended that all homebuyers get a better understanding of their limitations first, so that they don’t find a house they love, and realize they can’t afford it. Shopping within your means will avoid any upsets or heartbreaks.
If you’re looking for a company to help you choose your first home loans in Pompano Beach, you’re in the right place. At Ace Mortgage Loan Corp, we’re here to help you find and finance the home of your dreams. We’ll walk you through all of the steps, ensuring that we find a mortgage option that’s perfect for you, your family, your current financial situation, and the foreseeable future. Contact us today with any questions at 954-256-8860.