Home-buyers, especially first time buyers, report that one of the biggest challenges they face in the home buying transaction is understanding the mortgage process. This issue may be that lenders aren’t doing their best educate borrowers through the process, but it also comes from inexperienced buyers not knowing the right questions to ask. Here are some tips to help navigate you through the process:
- Find a lender who will sit down with you and explain each step of the process. If you don’t personally know any lenders ask for referrals. Your Realtor is always happy to assist in finding you a lender match!
- Be willing and prepared to provide the information your lender needs. Financial information is a very sensitive subject for many, but you need to be willing to be honest and prepared. The more information your lender has the better they can assist you in finding the right loan for you.
- Have a timeline in mind for how long you want to stay in this home. If it is a small home that you plan on moving out of in two years when you start a family, let your lender know. They can help recommend and tailor the loan to fit your plan.
- Don’t try to get a loan that is beyond your current means. This not only doesn’t leave room for financial surprises in life, but you’ll build equity and wealth much more quickly if you buy a home you can comfortably afford.
Applying for a mortgage loan is a big life step, but a lot of the pressure can be eased if you take the time to educate yourself on the process and ask for help when you need it! Great Florida Homes is happy to be one of your resources in your home buying process.
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