Monday, January 16, 2017 / by Matthew Moffit
"I don't want to spend more than $XXX,XXX on a house." This is a common statement made by prospective homebuyers. The reasons are as varied as the homebuyers themselves, but monthly payment amount is important for budgeting. For example, you may believe that keeping the property price under a set amount will keep the monthly payment in an affordable range. However, speaking with a mortgage professional may reveal that you can actually increase your purchase price and still stay within your budget. Of course, you may also find that a lower purchase price will better fit your needs.
- Check your credit report for inaccurate information. Get it corrected BEFORE you start shopping for a mortgage.
- Shop around for a mortgage lender; get lender recommendations from people you trust.
- Have your financial documents ready to submit to the lender you choose to help speed up the qualification process.
A home is the largest financial investment most of us will make, so it is important to go into the process with accurate information from qualified professionals.