Getting The Best Mortgage Deals With These 5 Essential Tips To Remember

In today’s market new houses  are at their finest when it comes to sales. Old houses are being exchanged for newer ones now. If you want to finance a new home the best way is through a mortgage. Learn 5 Essential Tips To Remember With Home Buyers Inventory.

A mortgage is a way to leverage the banks money, instead of having all your own cash.  If there are instances that you are not eligible because of some credit concerns, this should not worry you. You can still plan for it in the future. It is probable that in just a short time, you can buy a home if you follow these tips:

I  know this to be true, because it only took me 2 years to get myself straightened out and back on my feet.  That’s why at Home Buyers Inventory we give you 2.5 years. This gives you plenty of time to get everything paid off, removed from your credit and financing complete.

1. For you to be able to save money you should not make  any large purchases for the next couple of months. Instead, save money for your down payment. The reason for this is that even a debt of only 15,000 dollars will still appear unpleasant to the mortgage lenders credit score system. I recently applied for a mortgage myself.  We were about to close on the loan and the bank wanted to know what the $1,200 entry in my bank account was for. I had to explain it was my annual house insurance payment. Then they had me send them the bill. So even that small amount caught the banks attention.

2. In choosing a home, do not choose a very costly one. Especially if this is out of your budget. You have to ensure that you are able to pay for your debt load consistently, so before choosing the type of house you want, consider your income first. We will talk about overextending yourself in just a moment.  This is a mistake a lot of people make. This hurts most of us in the long run.

3. Be qualified for a mortgage. Make sure that you will get approved. In order to qualify, you are required to submit your credit information to a mortgage lender. And you must allow your lender to get your credit report and debt/income data.   You can go to a mortgage broker. They will gather all your information and submit to several banks in the area. This will give you more options and make sure to ask for the best terms and rates.

4. Each of us has a personality when it comes to money.  This is reflected in what we spend our money on, such as, expensive cars, RV’s, boats, TV’s.  When we have the “Let us buy expensive things with our money personality” it is difficult to maintain a home.  So consider if you are willing to hold back in spending on expensive items in order to have a home.

5. Keep in mind that home possession requires on time payments.   The charge of non-payment on a loan is a lot larger than the fine of missing a rent fee. However, owning a home has many benefits that out weight the frustrations of renting for life.  

My mother and father rented their whole lives. My mom passed away and my father was left asking “Now What” He then moved from kid to kid with no where of his own to live.  He then passed away. In my mind I thought. This is NOT the way it’s supposed to be. When you’re in your 80’s you should have your own place to lie to rest. It was that moment, I was determined to have Home Buyers Inventory help others to own a home.

So  if you are planning to apply for a mortgage, be sure to remember these five essential tips in order to end up successful with the best mortgage there is.