Mortgage Advice

Mortgage Advice

By tlogston

Homeownership has always been synonymous with security, comfort, and stability.  The idea of having a place of one’s own, to provide security and comfort for your family, to grow a garden, decorate, entertain, and simply rest after a long days work is relished by most.  But before you start seeking mortgage advice, you need to be sure that the decision to buy a house is well thought-out.

Consider these mortgage advice questions: How do you know if you are ready to buy a house? (Before we look at the financial aspects relative to buying a home, realize that the average family stays in a home 5 or more years.) Are the neighborhood schools acceptable? Are there activities and amenities in the community that support your family needs?

Once you’ve decided on a place to live, now it’s time to decide if you are ready to buy a house.  The first piece of mortgage advice is to look at is your credit history (rating) and your debt-to-income ratio. A potential mortgage lender will look at your credit history and your debt-to-income ratios in determining whether you are a sound credit risk.  Once you have a good handle on your financial situation, you’ll be in a better position to seek mortgage advice and determine what programs are best suited to your needs.

The best advice is to make sure your credit score is above 620 before you seek a mortgage loan anywhere. Most lenders also request that borrowers have a 33% front-end ratio and a 28% back-end ratio. Good mortgage advice says that knowing these figures will allow you to determine how much house you can afford, as well as how much you need to decrease your current debt before you apply for a loan.

Simply stated, lending money is a business.  Before any financing is secured, the mortgage lender wants to make sure that you are stable (employment/residence history), financially capable of repaying the loan, and have a good history of meeting your debt obligations. Regardless of the down payment, before you start seeking a mortgage loan anywhere, sage advice is to make sure your credit score is strong and that your debt-to-income ratios are in an acceptable range.

Homeownership has always been synonymous with security, comfort, and stability. The idea of having a place of one’s own, to provide security and comfort for your family, to grow a garden, decorate, entertain, and simply rest after a long days work is relished by most. But before you start seeking mortgage advice, you need to be sure that the decision to buy a house is well thought-out.

Consider these mortgage advice questions: How do you know if you are ready to buy a house? (Before we look at the financial aspects relative to buying a home, realize that the average family stays in a home 5 or more years.) Are the neighborhood schools acceptable? Are there activities and amenities in the community that support your family needs?

Once you’ve decided on a place to live, now it’s time to decide if you are ready to buy a house. The first piece of mortgage advice is to look at is your credit history (rating) and your debt to income ratio. A potential mortgage lender will look at your credit history and your debt-to-income ratios in determining whether you are a sound credit risk. Once you have a good handle on your financial situation, you’ll be in a better position to seek mortgage advice and determine what programs are best suited to your needs.

The best advice is to make sure your credit score is above 620 before you seek a mortgage anywhere. Most lenders also request that borrowers have a 33% front-end ratio and a 28% back-end ratio. Good mortgage advice says that knowing these figures will allow you to determine how much house you can afford, as well as how much you need to decrease your current debt before you apply for a loan.

Simply stated, lending money is a business. Before any financing is secured, the mortgage lender wants to make sure that you are stable (employment/residence history), financially capable of repaying the loan, and have a good history of meeting your debt obligations. Regardless of the down payment, before you start seeking a mortgage loan anywhere, sage advice is to make sure your credit score is strong and that your debt-to-income ratios are in an acceptable range.