Prepare for Your Purchase: How to Get Ready to Buy a Home
Becoming a homeowner can be thrilling, but it can also be stressful if you are not prepared. Follow the tips below to make finding your dream home an easy and fulfilling experience.
Know Your Credit Score
Your credit score plays an important role in qualifying for a mortgage. Knowing your score and correcting any errors on your report will help you achieve the lowest mortgage interest rate possible. You are able to view your credit report from the three major credit bureaus free once annually, and if you notice a problem, you can dispute it by contacting the bureau directly. Your credit report will not include your actual FICO score, however, you can obtain this for a small fee from each of the bureaus.
Find Out What You Can Afford
Looking for a home without knowing what you can afford can lead to disappointment. Getting in touch with a local, dedicated Cambria Mortgage consultant can help you determine how much house you can afford and the monthly payment you feel comfortable with. Once armed with that knowledge, the process of looking at homes will be much less stressful.
Once you have your credit in line and know what you can afford, it is time to think about your down payment. A popular choice is to have 20% of the home price available for the down payment as that will save you from paying for private mortgage insurance (PMI), however, this is not the only option for homebuyers. There are multiple options for down payments at a lower percentage and your Cambria Mortgage consultant can work with you on options and give you a better idea of a target to save towards.
Get Preapproved for Your Mortgage
With the spring housing market heating up, many buyers are finding the homes they are interested in have multiple offers. In this situation being preapproved by Cambria Mortgage can make all the difference. In fact, in certain low inventory environments, it is common that a seller will not accept an offer without a preapproval. Getting your preapproval can be completed quickly and there is no cost or obligation. Show the sellers that you have been working with a Mortgage Consultant and are ready to make the purchase.
Call Cambria Mortgage
To get started, call Cambria® Mortgage™ at 952-942-0110 or visit CambriaMortgage.com. Our team of experts will provide personal, hometown service with sound advice and impeccable attention to detail at every step of the process.