Leagan Realty

Lisa & Gary Eagan

  • Home
  • About Us
    • Lisa Eagan
    • Gary Eagan
    • Accessibility Statement
  • Resources
    • Investment Properties
    • First Time Home Buyer Tips
    • First Time Home Seller Tips
  • Reviews
  • Search For Homes
  • Contact Us

What Should You To Do In Advance To Prepare For Your Mortgage Application

July 26, 2013 by lizlaurenb Leave a Comment

What Should You To Do In Advance To Prepare For Your Mortgage Application

According to mortgage experts, it is a good idea to gather up all of the needed documents in advance before launching your house hunt, as this will make the application process a lot easier.

The housing burst has resulted in much harder lending standards, which means that it could possible take weeks or sometimes even months to secure a loan.

Here are a few important steps that you should take in advance

Consider What You Can Really Afford

Before you start the entire house hunting and mortgage application process, you should consider what you can really afford to buy.

It might be tempting to buy a house at the upper end of your price range, but consider the fact that it will be more of a struggle to make your mortgage payments and it will take much longer to pay down the mortgage. Assess your finances and be honest with yourself.

Buying a home that is more comfortably within your price range will ensure that you can easily manage your monthly budget over the years.

Save Up A Down Payment

The bank will want to see that you are able to make a down payment of at least 20% of the value of the home.

In order to save up this amount of money, it will be easier if you start in advance and save a small amount every month. The more you can pay for a down payment, the less your mortgage will be and the more money you will save over the length of the loan.

Do Your Research

Take your time to do lots of research in advance and seek out impartial advice on the mortgage market. There are so many options to choose from and a lot to consider, so the more knowledge you have the more prepared you are to make an informed decision.

Consider Your Credit

Before applying for a mortgage loan, you should take a look at your credit report.

Your lender will look at it when you are making an application and they will use it to consider whether or not to offer you the loan and what type of interest rate to give you. If you spot any errors or issues with the credit report, it is a good idea to get them fixed now before you apply.

These are just a few things to consider before applying for a mortgage. To find out more about mortgages or buying a home, contact your trusted mortgage professional today.

Filed Under: Mortgage Tips Tagged With: Mortgage Application,Mortgage Rates,Mortgage Loan,Down Payment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Contact Lisa and Gary Eagan

Owners/Brokers
info@leaganrealty.com
Call 480-766-2115

Connect with Us

Quick Links

  • Schedule an Appointment
  • Search For Homes
  • Accessibility Statement
  • Privacy Policy
  • Contact Us

Recent News

  • The LTV Ratio: How ‘Loan-to-Value’ Works and Why You Need to Understand This Ratio
  • Speed Your Mortgage Approval up by Following This Checklist
  • Three Reasons Why You Might Consider a Reverse Mortgage When Nearing Retirement

Leagan Realty


12862 East Summit Drive
Scottsdale, Arizona 85259
Phone: 480.766.2115
Fax: 888.422.9951

Email: lisaeagan@leaganrealty.com

Copyright © 2023 · Powered by MySMARTblog

Copyright © 2023 · Genesis Sample Theme on Genesis Framework · WordPress · Log in