Home Buyer Advice On Qualifying For a Mortgage
In this article, we will cover and discuss home buyer advice on qualifying for a mortgage with a lender. Homebuyer advice by Michael Gracz is buying a home just like getting ready for the Olympics. Needs some planning, some preparation, putting things in perspective, and finally crossing that finish line. Every successful venture in life needs some work put into it. It’s not like walking into Walmart and picking up keys to a new home. Homebuyers have to start at least six months of preparation for it. Let’s do a one on one preparation guide to getting started
In this article, we will discuss and cover tips and advice for homebuyers when qualifying for a mortgage. W
Home Buyer Advice # 1
Step 1:- Check Credit:
Check credit for free on creditkarma.com:
- This is the most important thing consumers can do first
- See what is in the consumer credit file
- Some people think their credit is so bad because they had issues years back while in college, but have never really checked to see what is there
- My first advice is to check to see what consumers are up against
It might shock or surprise them.
Home Buyer Advice # 2
Step 2:- Fix Your Credit:
Checking credit will reveal issues consumers may know or might not know about:
- Now that consumers have the knowledge at hand, it’s time to go to work and fix it
- I there are minor issues, consumers can fix them themselves
- Quick fixes to boost credit scores can easily be done by paying down debt, settling collection for little, paying every bill on time, getting secured credit cards for those with no tradelines
- AVOID AVOID AVOID LATE PAYMENTS
However, in situations where consumers are over their heads contact a credit counselor or credit expert.
Home Buyer Advice # 3
Step 3:- Start Saving:
Nothing in life is free:
- Except when consumers win the lottery
- Knowing consumers have to pay some money during closing with the exception of Veterans, start a savings plan immediately
- Most people will say I can hardly keep up with my bills but that is not true
- Calculate regular monthly bills and see what they are
- I am talking about rent, utilities, auto notes, cell phones bill
- Just reoccurring bills and subtract them from monthly gross income
The resulting figures show how much consumers can save every month.
Home Buyer Advice # 4
Find A Great Mortgage Lender To Work With:
Getting a lender that will get home buyers pre-qualified after the credit has been fixed will be a great starting point:
- Once home buyers are pre-qualified for a home they can now shop for a home
- The loan officer will issue a pre-approval on the maximum home loan they will qualify for
- There are plenty of million-dollar homes but how many of us can afford them?
At this point, the lender helps borrowers with their proposed housing payments.
Home Buyer Advice on Buying a Home # 5
And finally, home buyers are ready for a great real estate agent. Homebuyers should choose a realtor with great knowledge and expertise to help them walk the streets of homeownership. Do not go alone, there are things they do not know that come with a contract, let the realtor lead the way. Ask for a referral from family or friends and check with local real estate offices. Go on the internet and research Zillow, Trulia, Realtor.com, and last but not least Gustan Cho.
In Conclusion on Home Buyer Advice
Mike Gracz is the author of this blog Home Buyer Advice and is the top producer for Gustan Cho Associates which is headquartered in Oakbrook Terrace, Illinois. Mike Gracz is not just a top-producing licensed mortgage loan originator but is also an associate contributing editor for Gustan Cho Associates. Gustan Cho Associates is a mortgage company licensed in 48 states and has over 160 wholesale mortgage lenders with very lenient underwriting standards. Mike Gracz has a network of realtors throughout the United States. All of Mike Gracz’s clients, whether real estate clients or mortgage clients become his lifelong friend. Michael Gracz of Gustan Cho Associates is a firm believer that knowledge is king. Michael is always studying new laws and regulations and keeping updated with real estate prices, foreclosures, and market trends not just in the Chicagoland area, but the United States as a whole.
