Mortgage loan from a lender provides the crucial monetary help to the buyer in his home buying endeavor. In fact, your dream of owning a home is possible just because there are lenders ready to finance your purchase. There are lots of questions in the minds of first time home buyers. At Shirleytoyrealtor.com, we not only have answers to all your queries but also provide all help and assistance to you in securing the right mortgage that suits your requirements.
How much money do I need?
There is a misconception in the minds of majority of homebuyers that they need at least 20% of the total value of the property they want to purchase. This makes many of the buyers disinterested while others keep saving for a long time which is why they take a plunge into housing market quite late. The fact is that there are many lenders who are ready to provide up to 90% of the value of the property as mortgage loan to buyers depending upon their credit and income levels.
How much money can I get
The amount of money you can get in the form of mortgage loan is dependent upon your credit score and your financial statements. You cannot hope to get 80% of the value of a property if this amount is higher than what you are eligible for. Your income levels and the loan you are already availing decide the amount of money you can get in the form of mortgage.
At what rate will I get the mortgage?
The rate of mortgage is decided by the lender on the basis of your repaying capacity and your trustworthiness. Most lenders are happy to offer a low rate of interest to those who put forward a high down payment and also boast a decent credit score. You should work to improve your credit score if you are not getting the desired rate of interest from the lender. We will help and assist you in finding the best mortgage rate through our network of mortgage brokers and lenders.
How much money do I need to be able to cover the closing costs?
Closing costs can constitute a sizeable amount of money. On an average these costs can amount to 2-5% of the total value of the property. We recommend all our clients to save enough money in their bank account to be able to cover these costs.
How do I find the best mortgage?
Mortgage loans are available from many lenders and there are also available federally backed loans like FHA that come with low down payment and carry low rate of interest. Depending upon your eligibility and requirements, we can help you in finding the best possible mortgage loan for buying a home. We have a team of experts to help you with your financial statements to secure mortgage easily from a lender.