A mortgage advisor’s greatest concern is getting you in your dream home with the best mortgage possible. While they do everything in their power to get your house at a great rate, there are some things you can do to give yourself better options in finding your home:
- Having a good credit store is invaluable to getting an excellent mortgage, and thus, home. Your credit score and history acts as a guide for lenders deciding how great of a risk your mortgage will be to them. You’ll have better loan options and more flexible interest rates with a higher credit score.
- Saving up a large sum of money to put toward your home’s down payment can save you thousands of dollars down the line in interest.
- Be completely honest on your mortgage application, lying about income or other questions could cause you to get rejected.
- Don’t settle on the first house you see! There are hundreds of homes out there and you never know which one may be right for you. Make a list of your top choices and visit them multiple times, you’ll catch any details you may have overlooked the first time.
- When visiting a perspective house, bring a digital camera and notepad. When you’re trying to decide on a house later, you’ll have pictures of it and notes of what was going through your during the walk-through.
- Don’t consider buying a home if you’re not willing to live in it for at least a few years, you could definitely end up losing money.
- A major mistake some people make is misrepresenting their income on loan applications, be as accurate as possible on your application as it will affect your chances of being approved.
- Consider buying in a district with good schools, even if you don’t have children. Strong schools are a priority for many buyers and will boost the value of your home if you decide to sell it.
- Don’t be fooled by the starting prices of new homes by developers, it’s just to get people in the door.