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金籽
金籽
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Friday 09 February 2024 03:54:47 GMT
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Let’s talk mortgages because I want more people to become homeowners, and sometimes the biggest obstacle is simply not knowing how the process works. Here are 10 things you may not know: 1. You don’t always need 20% down. FHA, VA, USDA and conventional programs have different down payment options. Some eligible buyers may qualify for zero down. 2. Your credit score isn’t the only thing lenders look at. Income, debts, credit history, assets and other factors matter. 3. Student loans don’t automatically disqualify you. Lenders have specific ways of calculating student loan obligations. 4. You can sometimes use gift funds. Eligible gifts from approved sources may help with your down payment or closing costs, depending on loan guidelines. 5. A preapproval isn’t a guarantee. Your finances, property, documentation and underwriting still have to be reviewed. 6. The interest rate isn’t the whole story. Compare the APR, lender fees, points and total loan costs when shopping lenders. 7. You may be able to negotiate seller-paid closing costs. This depends on the contract, loan program, limits and seller agreement. 8. Closing costs are separate from your down payment. You need to plan for both when calculating your cash to close. 9. An appraisal is NOT a home inspection. One helps establish the property’s value for the lender. The other evaluates the home’s condition. 10. You don’t have to be perfect to start preparing. Understanding your credit, reducing debt and organizing your finances can help you get ready. Here’s what I want you to remember: Don’t disqualify yourself before you’ve even spoken to a mortgage professional! I’m a licensed NC Realtor, not your mortgage lender. I can help connect you with professionals who can evaluate your options. 📌 SAVE THIS POST! You might need it later. Want my homebuyer preparation checklist? Comment CHECKLIST and I’ll share the next steps.
Let’s talk mortgages because I want more people to become homeowners, and sometimes the biggest obstacle is simply not knowing how the process works. Here are 10 things you may not know: 1. You don’t always need 20% down. FHA, VA, USDA and conventional programs have different down payment options. Some eligible buyers may qualify for zero down. 2. Your credit score isn’t the only thing lenders look at. Income, debts, credit history, assets and other factors matter. 3. Student loans don’t automatically disqualify you. Lenders have specific ways of calculating student loan obligations. 4. You can sometimes use gift funds. Eligible gifts from approved sources may help with your down payment or closing costs, depending on loan guidelines. 5. A preapproval isn’t a guarantee. Your finances, property, documentation and underwriting still have to be reviewed. 6. The interest rate isn’t the whole story. Compare the APR, lender fees, points and total loan costs when shopping lenders. 7. You may be able to negotiate seller-paid closing costs. This depends on the contract, loan program, limits and seller agreement. 8. Closing costs are separate from your down payment. You need to plan for both when calculating your cash to close. 9. An appraisal is NOT a home inspection. One helps establish the property’s value for the lender. The other evaluates the home’s condition. 10. You don’t have to be perfect to start preparing. Understanding your credit, reducing debt and organizing your finances can help you get ready. Here’s what I want you to remember: Don’t disqualify yourself before you’ve even spoken to a mortgage professional! I’m a licensed NC Realtor, not your mortgage lender. I can help connect you with professionals who can evaluate your options. 📌 SAVE THIS POST! You might need it later. Want my homebuyer preparation checklist? Comment CHECKLIST and I’ll share the next steps.

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