First Time Home Buying Tips for 2020
Is 2020 your year? The year you finally buy your first home, it could be 2020! This experienced mortgage company at the Lake of the Ozarks is here to give a few first time home buying tips for 2020 in this week's blog. If this is your first time buying a home, MHQ - Mortgage Headquarters is here for you. We get that the process can be new and a little intimidating if you don't realize what all is involved. There can be many loan options for first time home buyers, more than you might think.
Put money aside for your closing costs and down payment.
Buying a home is more than the listing price. The listing price is very rarely ever the actual final cost of the sale.
Look into pre-qualification for the loan to save a ton of time.
Pre-qualification can be key to your loan process. Your debt-to-income ratio, your work and residence situations, the funds available for the down payment, required reserves, and other considerations - all are points we can analyze for pre-qualification. 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.
Budget appropriately so you are prepared to buy your home.
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.
Boost your credit score and make your credit card payments on time.
No credit isn't necessarily a good thing. 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.
All of us here at our Lake of the Ozarks mortgage company would like to wish everyone a very Happy New Year. We know that the New Year has a way of inspiring people to do things they may have been thinking about doing but have not yet gathered the courage and resources to do so. We are here to provide you with the resources you need when it comes to choosing the best mortgage for your home financing needs. To learn more about loans for first time home buyers, please visit our website at https://www.mhqmortgage.com/TheLoanProcess.
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
NMLS # 1229111
www.MHQMortgage.com
First Time Home Buying Tips for 2020
Put money aside for your closing costs and down payment.
Buying a home is more than the listing price. 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.
- Many 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.
Look into pre-qualification for the loan to save a ton of time.
Pre-qualification can be key to your loan process. Your debt-to-income ratio, your work and residence situations, the funds available for the down payment, required reserves, and other considerations - all are points we can analyze for pre-qualification. 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.
Budget appropriately so you are prepared to buy your home.
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.
Boost your credit score and make your credit card payments on time.
No credit isn't necessarily a good thing. 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.
Happy New Year from MHQ-Mortgage Headquarters!
All of us here at our Lake of the Ozarks mortgage company would like to wish everyone a very Happy New Year. We know that the New Year has a way of inspiring people to do things they may have been thinking about doing but have not yet gathered the courage and resources to do so. We are here to provide you with the resources you need when it comes to choosing the best mortgage for your home financing needs. To learn more about loans for first time home buyers, please visit our website at https://www.mhqmortgage.com/TheLoanProcess.
Mortgage Headquarters of Missouri, Inc4824 Osage Beach Parkway, Suite 1
Osage Beach, MO 65065
Office: (573) 302-9990
Toll Free: (888)799-1206
Fax: (636)648-9917
NMLS # 1229111
www.MHQMortgage.com
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