Challenges First Time Home Buyers May Face
Have you ever wondered what buying a home may be like? Perhaps you have rented your entire adult life but are really interested in buying your first home this year. If this sounds like you, read on. Our mortgage company at the Lake of the Ozarks is here to give you a few challenges first time home buyers may face and tips on how to deal with those challenges in this week's blog. To schedule an appointment with an experienced mortgage lender in the Lake of the Ozarks area you can trust, call MHQ - Mortgage Headquarters today. We can be reached at (573) 302-9990. We would be happy to answer any questions you may have about the mortgage loan process and clear up any concerns you may have.
Challenge #1: Not Having Enough Money Saved For a Substantial Down Payment
As a first time homebuyer, you may not have enough money set aside for a down payment. It can be tough to have that much money saved with all of the other monetary obligations you have. While mortgage lenders typically like to see that you have a substantial down payment ready, it's not a deal-breaker if you don't. There ARE options for home buyers that have NO down payments or just a low down payment. An experienced mortgage lender can walk you through these options and make sure you fully understand what's expected of you.
Challenge #2: Lacking Good Credit History
Since it's your first time buying a home, you won't have any mortgage loan history. Yes, typically mortgage lenders like to see a strong history of you making your mortgage loan payments on time, but a reliable mortgage lender understands that everyone has to start somewhere. If you've never taken out a mortgage before, there are other ways to have a good credit history, such as:
Challenge #3: Lacking Steady Work History
It can look very good to a mortgage lender if you have held down a steady job for years. However, if you're younger and still trying to find that long term company to work for or in other, your dream job, you may have bounced around a little bit. Again, this isn't a deal-breaker. Your mortgage lender just needs to see that you make your mortgage payments on time, so if you have a sufficient source of income that allows you to do that, you should be all set.
All of us here at MHQ - Mortgage Headquarters hope that you found this blog enlightening. We understand that if this is your first time buying a home, the process may seem intimidating at first because it is new uncharted territory for you, but we want you to know that there is no reason to be intimidated. We will be with you every step of the way. If you have any questions, please ask. If you're confused about something, please tell us. We want you to feel one hundred percent comfortable throughout this entire process. Give us a call today. Again, we can be reached at (573) 302-9990. Be sure to follow us on our social media channels listed below. We are constantly making announcements and giving helpful tips.
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
Challenges First Time Home Buyers May Face
Challenge #1: Not Having Enough Money Saved For a Substantial Down Payment
As a first time homebuyer, you may not have enough money set aside for a down payment. It can be tough to have that much money saved with all of the other monetary obligations you have. While mortgage lenders typically like to see that you have a substantial down payment ready, it's not a deal-breaker if you don't. There ARE options for home buyers that have NO down payments or just a low down payment. An experienced mortgage lender can walk you through these options and make sure you fully understand what's expected of you.
Challenge #2: Lacking Good Credit History
Since it's your first time buying a home, you won't have any mortgage loan history. Yes, typically mortgage lenders like to see a strong history of you making your mortgage loan payments on time, but a reliable mortgage lender understands that everyone has to start somewhere. If you've never taken out a mortgage before, there are other ways to have a good credit history, such as:
- Making student loan payments on time
- Paying credit cards on time
- Paying your rent payments on time so that you are never reported Collections
Challenge #3: Lacking Steady Work History
It can look very good to a mortgage lender if you have held down a steady job for years. However, if you're younger and still trying to find that long term company to work for or in other, your dream job, you may have bounced around a little bit. Again, this isn't a deal-breaker. Your mortgage lender just needs to see that you make your mortgage payments on time, so if you have a sufficient source of income that allows you to do that, you should be all set.
Buy Your First Home with MHQ - Mortgage Headquarters!
All of us here at MHQ - Mortgage Headquarters hope that you found this blog enlightening. We understand that if this is your first time buying a home, the process may seem intimidating at first because it is new uncharted territory for you, but we want you to know that there is no reason to be intimidated. We will be with you every step of the way. If you have any questions, please ask. If you're confused about something, please tell us. We want you to feel one hundred percent comfortable throughout this entire process. Give us a call today. Again, we can be reached at (573) 302-9990. Be sure to follow us on our social media channels listed below. We are constantly making announcements and giving helpful tips.
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
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