Preparing for a Mortgage

Have you been considering the idea of buying a home? More people are looking to purchase homes right now than 20 years ago. It is becoming more popular to own a home as opposed to renting. Once you’ve decided to make the leap, it’s time to start the preparation for a mortgage. A mortgage can seem intimidating and confusing when you’ve never been involved in the process before, but there are a number of steps you can take to help you succeed when the time comes.

Speak to a Mortgage Advisor

The first and most important thing to you can do to get started is to speak to a trusted mortgage advisor to help you make a plan. Depending on your timeline and situation, having someone sit down and listen to your goals can help bring clarity to the path forward.

You may then be ready to get pre-qualified. This means having your credit reviewed by a mortgage loan officer. Having your credit reviewed is very important and can help you determine what work, if any, may need to be done. Credit score is an indicator of your ability to pay the loan back responsibly and in a timely manner. Part of the plan might mean disputing errors and/or inaccuracies. For others, this might mean building their credit to ensure a better rate on their loan. The loan officer will review your employment, debt to income ratio and eligibility for the programs we offer. Spending this time on the front end will answer many of the questions you may have about homeownership and what all is involved.

These are the most important things a home buyer can do to prepare themselves for getting a mortgage. Having a well thought out plan will go a long way in making your home buying experience a pleasurable one.

If you’re ready to get started, give us a call. Mortgage Investors Group is here and ready to help.