As a home buyer the first thing you must do to find out the Orange County Home you can really afford is to consult with a reputable and trusted mortgage lender.
Why You Should Consult With a Mortgage Lender Now
Consulting with a trusted mortgage lender before you start looking at homes is important because, that individual will review your credit, income and debts to determine the mortgage loan amount you qualify for.
Preparation for Home Ownership
Yes, your mortgage lender will tell you the max mortgage amount you qualify for and they will also help you to prepare for the total costs of owning a home including doing the following:
- Your mortgage lender will let you know what your monthly mortgage payment is going to be.
- You will learn what you can expect to pay for closing costs.
Before Consulting With a Mortgage Lender Do This
1. Purchase your 3-in-1 credit report at least 3 months before speaking with a mortgage lender – This will help you to know if there is any inaccurate information being reported about you by Equifax, Transunion or Experian.
2. Pay off nagging debts – If you have credit cards with balances of $1,000 or less on them it’s best to pay those off before meeting with a mortgage lender so you can lower your debt-to-income ratio.
3. Don’t change jobs – Your job is one of your biggest assets when buying a home since it helps you to appear to be financially stable and reliable.
For more tips on what you should do when buying a home or to view the latest Orange County homes for sale contact Fred Sed & Associates today by contacting us at (949) 272-0125.