Buying a Home in 2019? Consider These Tips
With the new year just around the corner comes new endeavors for just about everyone. For those who have aspirations to become homeowners, we want to say congratulations on your decision! Remember, MHQ - Mortgage Headquarters has more than 20 years' experience in the mortgage industry, so we'd be a perfect fit for your mortgage lending needs. But first, we want to help you by providing a few tips to start you on the right path to getting that loan approval.
Get Pre-Qualified
At Mortgage Headquarters, we'll do this by analyzing your debt-to-income ratio, your work and residence situations, the funds available for down payment, required reserves, and other considerations. During the process, we calculate your ability to borrow - looking at your earning status, available money for down payment, debts, income, and other circumstances. After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter.
Start Planning Your Budget
You should develop a written budget with your income and expenses and write down your debts and your assets. Think about what you spend now on housing costs and what you would be comfortable spending monthly on your next place. Estimate your available funds for a deposit, a down payment and closing costs and identify sources for funds.
Work on Improving Your Credit
Many buyers don't realize that they either don't have very good credit because of their spending habits, or they simply don't have any reported credit. Neither will help you in the mortgage lending process. Review your credit report to get an idea of where you stand and what you need to do to get your credit back on track or started. If you've got high balances on credit cards or other revolving accounts, it's a good idea to work on getting those paid down as much as possible.
Start Saving for a Down Payment and Closing Costs
When you buy a home, it's not just clear cut and dry on the cost. The listing price is very rarely ever the actual final cost of the sale. You have closing costs, inspection fees, taxes, and more that will need to be covered. While, yes, a lot of these costs can be rolled into your mortgage, most mortgages will require some sort of a down payment. That can range anywhere from 3.5%-20% depending on the type of loan.
Partner with an Experienced Mortgage Specialist
With these tips, you'll be ready to move forward with buying that home in 2019! If you're in need of a mortgage for a new home or have any other questions pertaining to mortgage lending, trust in the mortgage professionals at MHQ - Mortgage HeadQuarters to have your best interest in mind. We can help you choose a mortgage program that's right for you and your specific needs!
Mortgage Headquarters of Missouri, Inc
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
Email: info@mhqmortgage.com
NMLS # 1229111
Get Pre-Qualified
At Mortgage Headquarters, we'll do this by analyzing your debt-to-income ratio, your work and residence situations, the funds available for down payment, required reserves, and other considerations. During the process, we calculate your ability to borrow - looking at your earning status, available money for down payment, debts, income, and other circumstances. After you are considered eligible, we will prove our confidence in your potential to qualify for a mortgage by presenting you with a Pre-Qualification Letter.
Start Planning Your Budget
You should develop a written budget with your income and expenses and write down your debts and your assets. Think about what you spend now on housing costs and what you would be comfortable spending monthly on your next place. Estimate your available funds for a deposit, a down payment and closing costs and identify sources for funds.
Work on Improving Your Credit
Many buyers don't realize that they either don't have very good credit because of their spending habits, or they simply don't have any reported credit. Neither will help you in the mortgage lending process. Review your credit report to get an idea of where you stand and what you need to do to get your credit back on track or started. If you've got high balances on credit cards or other revolving accounts, it's a good idea to work on getting those paid down as much as possible.
Start Saving for a Down Payment and Closing CostsWhen you buy a home, it's not just clear cut and dry on the cost. The listing price is very rarely ever the actual final cost of the sale. You have closing costs, inspection fees, taxes, and more that will need to be covered. While, yes, a lot of these costs can be rolled into your mortgage, most mortgages will require some sort of a down payment. That can range anywhere from 3.5%-20% depending on the type of loan.
Partner with an Experienced Mortgage Specialist
With these tips, you'll be ready to move forward with buying that home in 2019! If you're in need of a mortgage for a new home or have any other questions pertaining to mortgage lending, trust in the mortgage professionals at MHQ - Mortgage HeadQuarters to have your best interest in mind. We can help you choose a mortgage program that's right for you and your specific needs!
4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
Email: info@mhqmortgage.com
NMLS # 1229111
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