Time For Your Mortgage Financial Check-up
The year of 2019 is now among us with great energy and anticipation of what great things are to come for the housing market. Many homeowners will be looking to list their homes for sale this spring/summer, where many new buyers will also be entering the market to purchase their first home. Exciting times! A big majority of these new buyers will be millennials who range in age from 18-34 that are very technically savvy with great jobs. Yet are very new to the whole home buying process, which can be a bit intimidating. GNC Capital would like to provide some insight with hopes of answering questions and inspiring confidence when it comes time to making that purchase decision. There are a couple home purchasing myths that should be addressed before we get in to the actual details of buying a home.
- A 20% down payment is required to purchase a home
- FHA is the place for low down payment mortgage loans
- I may only use the funds in my savings account for a down payment
- My credit history is not good enough to qualify for a loan
- I don’t know where to start – the buying process is complicated
- I do not make enough money to qualify for a mortgage loan
- Student debit is the main hurdle keeping young adults from buying a home
- I was denied for mortgage loan once, so I am unable to qualify again
- You can obtain a mortgage loan with 3-5%; average is 15%; 40% put down 10%
- There are programs with low down payment products that can meet your needs
- Gifts and grants are acceptable down payments; Assistance programs are available
- The lender ultimately decides, but a wider range of FICO scores are accepted
- Our team of professionals can explain the whole purchase process
- Check with our mortgage bankers to see what options are available to you
- It may be a factor but there are many programs designed for this type of borrower
- Find out why – fix the issues if you can, try again & you might be approved this time
Are You Ready?
Before purchasing a home, a new buyer will need to see where they stand financially and obtain an understanding of the buying and loan process so there are not any sudden surprises. Below are several steps one should consider when preparing to purchase a home.
- Consider the location you would like to live and how much the home prices are in the given area.
- Calculate what your total monthly expenses are and how much of a mortgage you can comfortably afford.
- Get prequalified for a loan now to understand how much you can currently qualify for. This will give you an idea of where you need to be financially just in case you are not there quite yet. Think of this as a positive thing to getting yourself prepared for a future investment.
- Once you have been prequalified and have positioned yourself financially, it is now time to seek the help of a professional Realtor that specializes in the area you would like to reside.
- It is recommended that you interview several Realtors to see who is going to be the best fit for you. Please remember to let the Realtor you are interviewing know that you are currently prequalified which will give the reassurance that you are a prepared and ready buyer.
- Once you have found a Realtor you are comfortable with, you will start the home search process. Please keep your mortgage company updated as you get close to getting an accepted offer.
Searching for a property to purchase can be stressful but can be managed if you realistically set your expectations. Meaning to mentally prepare yourself by having an open mind when selecting a home and working with your real estate agent. A couple things to be mindful of, is to understand that not every property you come across is going to be perfect, certain defects in a home can be repaired or changed, and to be cautious of not getting mentally invested in a home before the whole transaction is done. At the end of day, you can always confide in your Realtor and GNC Capital to answer your questions and walk you through the entire home buying process.
Tailoring Your Goals Through Seamless Financing
- Providing Quality Service through Education, GNC Capital will empower you with knowledge to make the best mortgage decisions.
- Through GNC Capital, you will enjoy the experience of having loan options tailored specifically for your financial needs.