Mortgage Tips For First Time Buyers

Mortgage Tips For First Time Buyers

    Mortgage lenders extend tips to first-time buyers Description httppicturesbraftoncomMortgage-lenders-extend-tips-to-firsttime-buyers_681_628095_1_14032439_300jpg 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 loan.
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.

Dawn Borkowski Headshot
Phone: 864-313-4608
Dated: June 19th 2014
Views: 683
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