1. Figure Out How Much You Qualify For Before You Start Seriously Shopping
The amount you qualify for is determined by several factors. The first is your gross income. If you are a W-2 employee these are your pre-tax earnings. You will be able to find this on your most recent pay stub or on your W-2’s. If you are self employed, or own a business along with your W-2 income, you need to have your tax returns carefully analyzed to determine how much of your income can be used to qualify. The next step is to determine your current monthly expenses. These include car payments, credit cards, installment loans and possibly student loans if they aren’t deferred. Your credit report is used to determine the correct balances and payments. Expenses that don’t appear on your credit report such as insurance, cell phones and utilities are not included in your monthly expenses. Your down payment is the next consideration for qualifying. The larger the down payment the more you qualify for.The final thing on this simplified guide is interest rate. The lower the rate the more buying power you have available. We will always do everything possible to make sure you get the very best qualified interest rate! Below you will find a link to a few tools that might help you get a head start. Once you have a general idea of where you’re at please call me at (321) 914-3596 and we will work together to build a complete pre-approval and determine your exact buying power.
- Follow This Link to My Full Set of Mortgage Calculators
2. Learn About Home Buying Programs
Don’t count yourself out before you are made aware of all of the home buying programs available. A recent housing surveyed showed that almost 40% of buyers who feel they don’t qualify actually have a program that would easily provide them with a mortgage for their dream house. Here’s where you really need an expert to point you in the right direction. There are too many factors used to determine program availability to be able to list them all here. Please call me at (321) 914-3596 and I will put my years of successfully guiding buyers to the right program to work for you. Below you will find a some quick facts and a link to some helpful basics:
FHA allows for home buyer’s to qualify with less income and put less money down.
HUD has special homebuying programs that help teachers, officers and firefighters.
USDA offers rural homebuyers the opportunity to purchase a home with almost zero out of pocket costs.
- Follow This Link to Some Home Buying Basics
3. Shop For a Loan
Once we have completed your loan interview and collected your documents we can begin the process of shopping for your best loan. Even though we are a direct lender there still are many directions we can go to find you the very best rate. Start today by following the link to my secure banking site and filling out your application. We will have a great rate for you in no time!
- Go to My Secure Bank Site to Fill Out an Application
Please call me if you need help with a mortgage or just need a home loan question answered.
The Mortgage Firm Melbourne
Company NMLS #189233