5 Important Things Buyers Should Know When Applying for a Mortgage.
1. Be prepared to document your finances.
With new loan standards, borrowers are required to full documentation of income, expenses and other items such as a windfall deposit or gift.
2. Lock in a rate soon.
Rates are expected to rise as they are currently at historic lows.
3. Shop around.
Consider interest rate, closing costs and level of service when shopping for a mortgage loan.
4. Pay careful attention to credit.
720 is considered a good FICO score. 680 will also be sufficient to qualify for most loan programs. Typically, the higher your score, the lower your interest rate and closing costs will be.
5. Watch your spending.
When you are considering purchasing a home or investment property, it is not time to go out shopping for a new car, new furniture for that dream home or to charge an expensive vacation on your credit cards.
5 Mortgage Tips for Home Buyers
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Since 1998, Mark has been providing expert representation to buyers and sellers of homes, condos, multi-unit properties and multi-million dollar estates.
His clients include friends - old and new - colleagues, professional football and basketball players, original founders of Fortune 500 companies and other high-profile personalities, who value their privacy and anonymity. Mark has also consulted Nationally and Internationally with many interested in buying and selling real estate.
Mark can be reached at 619-246-2860.
Email: markonthemark@gmail.com
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