We’ve talked before about ways you can improve your credit score. As you likely know already, credit plays a large role in the mortgage loan process and can ultimately go a long way in the loan approval decision. When credit scores are pulled for a buyer, many believe that’s where it ends – it’s either good or not (good to go buy that new boat with a credit card!). However, that is not the case. Continue reading
But what is your “price range,” really? Do you know what that corner dream house with the covered patio and finished basement will cost you each month? The truth is, the sticker price in the homebuyers guide is just a part of the total housing cost and doesn’t take into account all the other costs and criteria that a lender will be considering when you apply for a mortgage loan.
There are distinct questions a lender has to answer before they can determine what a mortgage payment is going to look like. We’ll discuss these elements over the next couple installments, but for now… we will start at the beginning.
Homes are in short supply, which has made the local market very competitive. As such, it’s imperative that homebuyers, especially first-time homebuyers, do everything they can to improve their ability to get a loan. One of the biggest pieces of the puzzle is your credit score.
Your credit score can make or break your chances of being approved for a mortgage loan. And when you find a house you want, you need to be able to move fast in this market. Here are eight ways you can improve your credit score to have a better chance at getting approved quickly.
Whenever my team works with a client, maybe the most frequently asked question is, “How much will this house cost me every month?” It’s understandable….a necessary question. Buying a home is a huge financial investment. Not to mention one of the most important financial decisions a person will make. I find many clients are under informed about what home ownership truly costs.
The mortgage loan is simply one variable in the grand scheme of things. Instilling confidence by providing “how to” details is important…with financial clarity comes less anxiety.