Are you considering buying your first home? Purchasing a home is one of the biggest decisions that you will ever make. Not only could it be the largest purchase that you will ever make, but it also affects you for years to come. You don’t want to get stuck living in a home that you don’t like, and you certainly don’t want to experience financial ruin of any kind. Although purchasing a home can be exciting and mark a major milestone in your life, it can also be stressful. So many factors go into buying a home, and you may not know where to begin. Today, our mortgage loan company in Scottsdale would like to offer some helpful tips to make the entire process go as smoothly as possible.
Are You Truly Ready To Buy A Home?
Take a good, hard look at your lifestyle and your spending to determine if you are mentally, emotionally, and financially ready to buy a home. If your current job or career situation seems unstable, then refrain from buying a home. If you switch jobs and take a financial hit, mortgage payments could hurt you financially. Do you tend to move every couple of years? We recommend against purchasing a home because you want to live in your home for at least five to seven years before selling.
Examine Your Finances
Before purchasing a home, you want to pay off as much debt as possible because your credit score could affect your loan rates. It’s better to wait to pay off your car or credit card debt before you purchase a home, so stay patient. It’s also a good idea to have about three months’ worth of wages stashed in a savings account before purchasing a home. If you own a home, you never know when an unexpected repair or maintenance expense will occur. If you’ve been renting for awhile, you may take for granted the repairs that your landlord is responsible for.
Before looking at homes, you need to get pre-qualified for a loan. At Scout Mortgage, we offer complimentary mortgage pre-qualification in just minutes so that you know how much you can afford to borrow. Pre-qualification also helps you demonstrates your financial power, but it’s simply the first step. We highly recommend getting pre-approved for a loan. Pre-approval helps lenders assess how much you can afford to borrow and how much they are willing to lend you. Pre-approval helps you better understand your budget so that you search for homes in your price range.
Educate Yourself On Different Types Of Loans
You most likely will be paying off your loan for years, so do your research on the different types of loans available. Our experienced mortgage brokers at Scout Mortgage are happy to quickly help you through the entire process.With years of experience in the mortgage industry, we can discuss with you he different available loans as well as which loans are best for your budget and lifestyle.
At Scout Mortgage, we’ll work hard to find you the best mortgage rates today in Scottsdale. If you want to get started, contact our mortgage brokers for a complimentary pre-qualification today.