Ugh! Getting a mortgage is one of the least exciting things to do. It’s all so complicated, and it’s riddled with questions most of us can’t answer. But before you start pulling your hair out and cursing the highest heavens, take a look at these 5 tips. They might just be able to give you some much-needed insight.
No Perfect Credit Score
Most of us are under the impression that we must have a perfect credit score if we want a mortgage. False. Many programs out there will allow you to get a mortgage plan with a score of 620, and others as low as 580. It’s worth exploring, wouldn’t you say?
No Down Payment?
Another misconception is that down payments will always be pretty high. Most estimates will tell you that you should be prepared for anything between 5% and 20%. However, did you know that you can find lower rates? There are some government mortgage programs that will offer a down payment of 3.5%!
Get Lots Of Quotes
Like most types of purchases, it’s worth taking a look around at different loan lenders. While it might be tempting to go for one option that looks really good because of its mortgage rates, you might be able to find the same, or a similar rate from a different lender. Better yet, the second lender might even offer a better closing cost.
Choose The Right Mortgage Loan
It’s important to make sure that you’re getting the right kind of home loan. Sure, there are lots of options out there, but you might need a specific one. Veterans, for example, are many times offered better options than regular citizens.
All The Right Documents
It really shouldn’t have to be said, but we can’t resist. It is of the highest importance to ensure that you have all the correct documents needed for the mortgage process. Having these will ensure that you’re calm, prepared, and not shuffling about back and forth trying to piece together your mortgage process.