Mortgage lenders extend tips to
June 4, 2014
The spring buying season is now
more or less fully under way and these days especially, it's often a time for
first-time homebuyers to enter the market. However, many of these people's lack
of experience with the process might lead to some difficulties, and brushing up
on some of the basics that they'll need to know before they begin hunting for a
property might help them avoid headaches down the road, according to a report
from the Independent Community Bankers of America.
The first and
perhaps most important thing for first-time buyers to determine iswhether they can actually afford the purchase they want to make, the report said. That means knowing exactly
monthly income and expenditures for the whole household, including necessary
costs like rent, utilities, food, and transportation, as well as what's spent
on discretionary items like entertainment or clothing. Often, it's good to have
these issues ironed out with a mortgage broker or lender before one even begins
hitting the market and looking at available properties.
"Buying a home is likely the
biggest purchase anyone will make, and community bankers are an excellent
resource to help guide consumers through the process," said John
Buhrmaster, ICBA chairman and president and CEO of 1st National Bank of Scotia,
N.Y. "With new mortgage rules and regulations in place, community bankers
are available to help potential homebuyers by providing accurate and
well-informed information. Community bankers across the country can help their
neighbors in their local community find mortgages that fit their financial
needs, budgets and lifestyles."
What else happens then?
In addition to going over the basics of finances, prospective buyers should
also make sure they have proof of the above, such as tax forms, pay stubs, and
bank statements for at least the last few years, and also that their credit
standing is as good as it possibly can be. Nothing can derail a potential home
purchase more quickly than a troubled borrowing history, so those who have
missed payments or dealt with large outstanding debt totals in the past few
years might need to do a little extra work before they try to obtain a home
Mortgage professionals should try
to do all they can to accommodate the needs of prospective buyers, because
while they're starting to return to the market, the numbers that are likely to
be seen this year may not be as strong as those in the past.
Author:Dawn Borkowski Phone: 864-313-4608 Dated: June 19th 2014 Views: 683 About Dawn: ...
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