Tips For Getting a Home Loan

Applying for a home mortgage is multi step process and you should only do so when you feel financially stable and confident that the time is right. Those mortgage payments will come every month and you want to make sure you can make those payments without feeling overly stressed or strapped for cash. Before you commit to a home mortgage, get all your ducks in a row and set yourself up for financial success. Balboa Realty, a leader in Orange County real estate, is here to offer you important home buying tips.

Ready to buy a new house in Orange County? Call Balboa Realty today: (855) 211-1489

Get Finances In Order

Before applying for a home loan, the first thing to do is to make sure your finances are in order and that you don't have any large outstanding debts. It's important to not make any expensive purchases when applying for a loan because a big purchase will skew your debt to income ratio. This in turn, can make lenders less likely to give you a loan because they view giving you a loan as more risky. Unfortunately, you might have to put your dream of owning a motorcycle, installing a pool, or buying a boat on hold until you secure a mortgage. Think of it this way, a home is a big purchase, but it's also a smart life long investment.

Use a Local Lender 

When you're searching for the best mortgage lenders, one of the best tips is to find a someone who is comfortable with working in the market that you are buying in. Mortgage lenders in the area you are buying a new home will be knowledgeable and experienced. It's important to find one in your area so they know the lay of the land and will give you fair and accurate pricing based upon your real estate market.

Get Multiple Opinions 

This advice might be tough to take, but try not to jump at the first offer you receive. We understand that entire process is long and tedious, but every step needs to be thought out - you'll thank yourself later! Talk to multiple lenders and see what they will offer you. Finding the right home loan for you and your individual situation is vital. Do your homework before hand and ask any many questions as you need to in order to feel comfortable before signing anything. You never want to be played as a fool and taken advantage of especially when it comes to a huge financial commitment such as buying a home.  

Published on Friday, July 27, 2018