3 Mortgage Tips For 2012 Homebuyers
Friday, January 27th, 2012Are you buying a home in 2012? If yes, we have three mortgage tips for you to use as a homebuyer. Read below to get started.
Getting a mortgage loan is difficult in this economy but you can still get a mortgage with a good rate in 2012. Here are some tips to help you:
Look at Your Credit
If you have good credit, it will help you secure a mortgage at a decent rate. Have copies of your credit score and credit history from all three main credit reporting bureaus. Be sure there are no errors on your credit report before you apply for mortgage. A lender requires a minimum credit score of 680 on most homes. You should not have a credit score under 620 if you want to qualify for a home mortgage.
Be Prepared
You should have the basic documents you need for a mortgage application. Also you should have your last two pay stubs, W-2s, income tax returns and bank statements before visiting the lender’s office. You should have all these materials saved in an electronic format, in case you need to resend materials.
Know Your Affordability
Never rely on a lender to tell you how much you qualify for a mortgage. Never borrow the maximum amount on a mortgage loan. Have a budget planned in advance and have a little extra saved in case unexpected expenses come up. You should use a bank-rate calculator to determine your affordability and estimate your monthly house mortgage payments.
If you have any questions, please contact Jeremy Walsh Real Estate by calling 443-610-5722 or click here today!
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