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Mortgage Process Tips for First Time Home Buyers

Are you a first time home buyer and looking for a mortgage? Consider these following tips that allow your home buying experience smooth.

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Mortgage Process Tips for First Time Home Buyers

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  1. Tips for First Time Home Buyers: Mortgage Process Presented By:- Haylen Group

  2. Pay Debts on Time Be sure to use your credit cards responsibly and make all payments on time.  You want your credit score to be maximized.  Late payments reduce the score significantly even if the amount due is small.  A high credit score will result is the best possible mortgage factors such as lower interest rate.

  3. Be Honest on Your Loan Application: It may seem that it would be helpful to leave out a detail about your debt on your loan application but you should realize that every aspect of your application will be checked.  Discrepancies will be identified and could jeopardize your loan.  Being honest from the beginning will make success more likely.

  4. Don’t Switch Jobs Switching jobs while you are trying to purchase a home is not recommended.  You will need to show 30 days worth of paystubs and your lender will verify your employment right before closing.  If possible wait to switch jobs or become self-employed until after you have obtained your mortgage.

  5. Avoid Additional Loans Now is not the time to buy a vehicle or co-sign another loan.  These will result in inquires to your credit status which may decrease your credit score.  In addition you will be adding to your financial obligations which may mean you will qualify to borrow a lower mortgage amount.

  6. Save Money for Closing Make sure you have enough money for closing costs and down payment.  As excited as you may be to buy new furniture or appliances, wait until after you have signed the mortgage papers.  You want to ensure you have sufficient funds for closing and down payment and don’t want to add to your credit card debt which may negatively impact your loan application.

  7. Contact Us Haylen Group 1999 S. Bascom Ave Suite 700, Campbell, CA 95008 Phone number (888) 406-5788 www.haylengroup.com Resource:- http://goo.gl/ZMnbF7

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