It takes a lot of patience and work to get yourself a comprehensive and suitable mortgage. It can be financially straining, and most certainly frustrating in many cases. You’re in luck though because we’ve compiled a list of 5 tips that will assist you during this important time.
No Perfect Credit Score
You might call it a “must”, but having a perfect credit score isn’t actually a requirement for a mortgage. There are plenty of programs that will accept a credit score of 580, as opposed to the 620 points we’ve all been told we need for a good mortgage plan.
No Down Payment?
A down payment can generally range between 5% to 20%. But you should know that you can find mortgage loans that stand below 5% – one such case is government mortgage programs that sometimes offer people with a good credit score a low rate of 3.5%. It’s worth exploring this option.
Get Lots Of Quotes
Like doing shopping for anything that costs a little more than the average, it’s worth looking at multiple options. The same applies to lenders. Take a look around and see what options and rates these lenders can offer you. Different mortgage rates, closing costs, and a bunch of other factors will make all the difference.
Choose The Right Mortgage Loan
Like anything else really, mortgage loans come in all different shapes and sizes. So if you’re a veteran, a newly-married couple or a senior, it’s worth finding out what options suit your situation best. You never know what you might be able to get.
All The Right Documents
Of course, this one should go without having to say it, but come prepared. This means that you need to have all documents in order when you’re putting your mortgage process into motion. You’ll be grateful when you’re not frustrated and embarrassed.