Are you tired of renting, and throwing around the idea of buying your own home? Well here are some of many advantages of owning your home. You’ll have the potential to build up equity; as well as the home being a potential investment. As your home’s value may appreciate over the years. Also you won’t have to worry about your rent going up.
The next question is; how do I know what I can afford? Meet with a mortgage loan officer to discuss your financing options. Now what should you be think about financially when going to buy a home? Your credit or FICO score plays a major role in your financing. A typical credit score is based upon: Timely credit payments, amount of debt owed, number of accounts open and number of inquiries on you credit. Your score affects your loan’s interest rate. Typically a higher score earns you a lower interest rate and more loan options. However if you have a lower score there are loan programs available for buyers with minimal credit history or less-than-perfect scores. You loan officer will also need details of your employment, income, and debts in order to supply you with a pre-approval letter.
With this you and loan officer can come up with the perfect price range for you so that you can start to look for your new home. Once you have your pre-approval letter in hand you can talk to a realtor about what kind of home you’re looking for. Your loan officer and realtor will work together to make your home buying process as smooth as possible; and will answer any questions you have along the way.
Home ownership is a big step in anyone’s life but it doesn’t have to be scary with the proper knowledge and guidance you can take this step confidently and in stride. So contact a mortgage loan officer today to take your first step in accomplishing your goal.