Getting a mortgage is nothing short of stressful, we can all agree on that. There’s a pile of paperwork to get through, a fortune more patience required, and let’s not get started on what it means financially. Fortunately, we’ve put together a list of 5 useful tips that will help you get through it all without having to pull out your eyeballs.
No Perfect Credit Score
It seems like it’s a must to have a perfect credit score in order to get a mortgage, but this only half true. Most programs will require you to have a score of 620, but there are many that will accept 580 as a suitable number for a mortgage plan.
No Down Payment?
Most loans will require a down payment ranging from 5% to 20%, but there are some mortgage loans out there that are below 5%. Government mortgage programs, for example, offer rates as low as 3.5% for those with a good credit score. Don’t overlook this option.
Get Lots Of Quotes
Before you choose one loan lender, take a look around at what others have to offer. Different lenders will offer different mortgage rates and closing costs. Even if you feel like you’ve found the one, still look at your other options. You would do the same thing when buying a car, wouldn’t you?
Choose The Right Mortgage Loan
There are different kinds of home loans out there, so make sure you’re getting the right one for you. If you’re a veteran. for example, there might be something out there better suited for you. As it is, conventional loans are more often than not, the cheapest.
All The Right Documents
Imagine arriving at your own wedding without your pants or dress… a pretty frightening image! The same idea should apply when you’re getting your mortgage process going. Make sure you have all the correct documents in order to get your mortgage – this will save you time, avoid frustration and prevent embarrassment.