Stay in the know.
Mortgage Options, Inc wants to assist all homebuyers in being knowledgeable about the entire home buying process. Every home buyer should be educated on the process in order to make the home buying process easier and less stressful. Here are some great tips from Mortgage Options, Inc to keep in mind during the home purchasing process.
Tip #1: Research and Prepare
One of the first steps to home ownership is to research. Check to see lenders’ requirements. Make sure your credit scores are in order. Check requirements of the FHA and the banks. Research mortgage programs with companies in your area. Mortgage Options, Inc. is happy to help you through the research and preparation stage. If your credit scores are not optimal, work on repairing your credit. We can help advise on strategies to improve your credit. Make sure you have the opening and closing costs in your bank account and that it has been there for at least 2 months. Use our handy mortgage calculators to get a feel for the financial commitments required in a mortgage.
Tip #2: Select a Lender
Selecting a lender before starting your home search is a good idea. Banks may have fewer options for mortgages than mortgage brokers. At Mortgage Options, Inc. we have mortgage loan programs to suit just about every buyer. Once we have found the best mortgage option for your needs, we highly recommend finding a reputable real estate agent to help with your home search. You should also consider getting a pre-qualification or pre-approval letter from your lender. This makes you the “ideal” buyer and puts you in a strong position when house hunting.
Tip #3: Get an Agent
House hunting can be a very daunting task on your own. This is why we recommend using a real estate agent. A fact most homebuyers are not aware of is that the agents’ costs are absorbed by the seller and not the buyer. What does this mean for the house hunter? You will not be liable for the real estate agent’s commission on a sale. Why do you need an agent? Many times agents know about properties that are not listed, newly listed, or going to be listed soon. They know the inside scoop on all the properties in the area. An agent will compare properties in the area that are similar to the one you are interested in and can help you determine what type of offer to make. It is also preferable to have a seasoned negotiator who’s on your side and can look out for your best interests.
Tip #4 Steer Clear of Making any Major Life Changes
Once you and your agent have decided on an offer and the offer has been accepted, do not make any major life changes. Major life changes can include changing your job, getting a divorce, buying anything on credit and changing bank accounts or changing bank institutions. If you make any life changes, it could prolong the process of home buying. It would change your debt-to-income ratio and thus may affect the mortgage.
Tip #5 Make Sure Everything is in Order
After the home buyer receives a financial commitment letter the waiting continues. This is the perfect time to make sure everything is in order. Usually the time frame is about a week. This gives you time to do a final walk through, order the cashier’s checks for closing costs, and make sure the deed is prepared. After all of that it’s just a huge stack of papers to sign and an exchange of keys before you can call yourself a home owner.
Mortgage Options Inc. has many loan programs that can work for a variety of home buyers. We encourage you to contact us to discuss your options – it doesn’t cost you a thing to talk to us about mortgage programs. If you are buying a home in North Carolina or South Carolina, call Mortgage Options, Inc. today at 803-732-5787.