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Buying your first home is a very giant and bold step in your life. It shows that you are brave enough to make that smart choice to say good bye to rental houses or finally move out of your parents’ basement. It gives you a sense of pride since you can now be proudly called a property owner.
Buying that first home also means applying for your first home mortgage. It’s a first and therefore has to be done right. You cannot afford any flaws or miscalculations and misappropriations. So before you make that phone call to set up an appointment with your Mortgage Company or banker, ensure you have taken some simple steps that will make the process of obtaining your first home mortgage less stressful.
First of all ask yourself whether your credit report is in good condition. Are you credit worthy? Do you have any errors or negativity in your credit report? The first thing a mortgage company will do is go over your credit account. Any errors, late payments in the past 12 months or poor score may cause your first home mortgage to be delayed or complicated.
You should also make sure that you have all the necessary financial documents needed like:
You should do ample research on what loan programs you may qualify for. Your mortgage lender will have all the details that you need to know so make maximum use of him by asking as many questions as you can. Remember this is your first home mortgage and no mistakes should be made. You’ll need to know the different interest fees and chargeable fees
Something also important that you must observe is the mortgage pre-approval process. This will enable you to know how much you are entitled to borrow and if you will be able to afford that house you have your eyes on.
Having put all the above into consideration you can go ahead and set up that meeting with your mortgage company. Let your first mortgage make your dream of owning a house come true.
When you're ready to begin the process of buying that first home, download "The Essential Guide to Buying Your First Home" at the button below. The free guide walks you through the process of getting that first home mortgage from credit scores to down payments and everything in between. Get your free copy today.
(hand raised: FLickr user Sasha Kimel)
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