For many people, their first home purchase is the biggest financial event of their lives to this point. A home loan is a big undertaking, and as a top mortgage company in Utah, we at Community Lending Group are here to help walk you through the process and keep you in tune with any details.
The first time through this process, there are going to be elements that are new to you and require acclimatization. Here are a few tips for first-time homebuyers to stay aware of.
Organization
The mortgage process isn’t as complex as some people make it out to be, but there are still several details involved. Paperwork can get complicated for some people, so ask any questions you have right up front to make sure you don’t get lost later in the process. There may also be important due dates to keep track of, or documents to store properly. You’ll make every other element of the process easier if you stay on top of these details.
Assets and Liabilities
When you discuss mortgage options with a lender, they’ll want to know a full accounting of your financial profile. How do your monthly expenses compare to income, and could any major expenses or income boosts be on the way in the near future? How will these factors influence your ability to make on-time payments? These are the factors that will be included.
Credit Score
Your credit score is one of the largest single factors in a mortgage situation. Bad credit will keep you from approval for many kinds of loans, and will raise the interest rates you pay on the ones you are approved for. Make use of free credit services available online or elsewhere to find out your score, and take steps to raise it if it’s too low.
Look Around
Don’t simply sign up with the first lender you speak to. Shop around for the best rates, with the assistance of our expert brokers. Some lenders will have specials or deals they’re offering for a variety of reasons, and we know how to point you in the right direction.
Want to learn more about first-time home buying, or any of our other mortgage services? The brokers at Community Lending Group are standing by.
