What Changes Occurred In FHA And FNMA Rules During 2018? The FNMA HomeReady Program Those who are involved in the mortgage industry must keep updated on changes to FHA, and Fannie Mae (FNMA)
A Few Tips If Youre Considering Buying A Home
If you’re a first time home buyer ready to make the big move, here are a few tips to help make your transition from renter to buyer a bit easier for you.
Keep Your Money In Your Bank Account
Making large purchases or withdrawals before applying for a loan is never a good idea. Moving money around anywhere between three to six months before buying a new home looks bad for your credit profile, and you are less likely to get approved for a loan if you do this. Mortgage companies need to see that borrowers are reliable and like seeing a paper trail to give you the best loan possible. Opening a credit card while in debt is going to give you some problems with your approval. It’s wise to leave your money in your bank account until after your approval. Then you can splurge on home accessories!
Get Pre-Approved Before Meeting With A Realtor
If you know you’re going to be taking out a mortgage, it’s best to get pre-approved before even looking at properties. By doing this you are setting a budget for yourself and are less likely to spend over that budget. This also means you won’t be wasting your time looking at properties you can’t afford. Do your research and feel free to ask us any questions if you have them.
Make Sure to Have Your Home Inspected
Once you figure out which property you are going to purchase, have your home inspected. This will save you costly repairs down the road. Any necessary repairs with the home can be disputed between the current home owner to prevent spending your money out of pocket. By having your home inspected you will definitely avoid any hidden bumps down the road. This includes issues with electricity, furnaces or septic tanks.
Once you’re ready to get pre-approved for your loan, give us a call. We are more than happy to help make your dreams of being a home owner come true.
For More Info Visit: http://www.bondstreetmortgage.com
Latest Blog Posts
7 Excellent Ideas For Building An Eco-Friendly Home In recent years, building an environmentally friendly home or updating an existing home to be more energy efficient has become much more
The Four Best Questions To Ask Before Refinancing Your Mortgage 1) Do I have enough equity to get a mortgage? To get a conventional loan, you will usually need to have at least 20 percent equity.
What’s Ahead For Mortgage Rates This Week – March 19th, 2018 Last week’s economic news included readings From National Association of Home Builders, Commerce Department reports on housing