Nov. 3, 2017
Texas Tract Simi Valley | Don't Let Fear Stop You from Applying for a Mortgage
If you're looking to settle down in a small, friendly community with some of the area's best schools and close to shopping and restaurants, then the Texas Tract Simi Valley is just for you! This community was initially constructed in the early 1960's and consists of single-story ranch style homes in Northeast Simi Valley. With interest rates still very low, now might be the time to consider making a move. But, before you venture out looking at homes, you'll want to speak with a mortgage lender so that they can set you on the right track. Purchasing a home, while sometimes a bit lengthy process, is not as scary as many people think.
Today, I would like to talk about Don’t Let Fear Stop You from Applying for a Mortgage
A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn’t have to be!
In order to qualify in today’s market, you’ll need to have saved for a down payment (73% of all buyers made a down payment of less than 20%, with many buyers putting down 3% or less), a stable income and good credit history.
Throughout the entire home buying process, you will interact with many different professionals, all of whom perform necessary roles. These professionals are also valuable resources for you.
Once you’re ready to apply, here are 5 easy steps that Freddie Mac suggests you follow:
1. Find out your current credit history & score – even if you don’t have perfect credit, you may already qualify for a loan. The average FICO® Score of all closed loans in September was 724, according to Ellie Mae.
2. Start gathering all your documentation – income verification (such as W-2 forms or tax returns), credit history, and assets (such as bank statements to verify your savings).
3. Contact a professional – your real estate agent will be able to recommend a loan officer that can help you develop a spending plan, as well as determine how much home you can afford.
4. Consult with your lender – he or she will review your income, expenses, and financial goals to determine the type and amount of mortgage you qualify for.
5. Talk to your lender about pre-approval – a pre-approval letter provides an estimate of what you might be able to borrow (provided your financial status doesn’t change), and demonstrates to home sellers that you are serious about buying!
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
Source...KCM Todd Kaufman Blog
If you have any questions about the Texas Tract Simi Valley, the local schools or surrounding community, don't hesitate to give me a call at 805-206-4313. I would be happy to help you.
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