The Steps To Getting a Colorado Mortgage - Page Two ...
Things to avoid when you are getting ready to buy a home:
- Asking for new credit.
- Having multiple lenders pull your credit. Find a mortgage consultant you
trust - then have your credit pulled.
- Changing jobs when:
- You're not improving your income/career.
- You're moving from salary to salary/commission or straight commission
- or from one commission job (or part commission) to another commission
(or part commission) job.
- Your new job involves a probationary period that does not expire before you're scheduled to close on your new home.
- You're not improving your income/career.
- Be sure to always communicate job changes to your mortgage consultant.
Where do I get my down payment?
- Save money.
- Liquidate assets.
- Secured loan (a loan secured by a vehicle).
- Down payment assistance.
- Gifts.
- With a government insured loan, your entire cash to close (down payment
plus closing costs) can be a gift from a family member.
- With a conventional (Fannie or Freddie) loan, you must first have 5% of your own funds before you get gift money. There is an exception to this rule.
- With a government insured loan, your entire cash to close (down payment
plus closing costs) can be a gift from a family member.
Where can the money not come from?
- A credit card (although there are "Type Four" and "Type Five" loans that allow this type of down payment source. Ask you mortgage consultant about your options).
- Student loans.
- Other unsecured debt (signature loan, etc.).
Determine what is most important about the mortgage process to you. Think about:
- Can I afford this?
- How long are we going to live in this area?
- How long do we want to own this home?
- Is buying too complicated? Is renting easier?
- Is renting really more expensive?
- What is this tax deduction I always hear about?
- How important is interest rate?
- Is education and understanding the process important?
- What am I afraid of happening during the mortgage process?
- Be sure to share your thoughts to these questions with your mortgage consultant.
Last updated: [an error occurred while processing this directive]
Copyright ©2002-2004 iHomeLoanInfo.com, All Rights
Reserved.
Copyright and Terms
of Use
