Buying your first home can be one of the most confusing and frustrating times ever if you let it. Often, you will have those who love you telling you what to do, what not to do and what they did... Most first time home buyers get stuck at the first step - getting approved for a mortgage. There are so many aspects to consider with mortgages. The secret is that most people who have never had one, know very little about them! How much can I afford, really? What types of mortgage am I eligible for and which one is the best for me and my situation? How much to I account for utilites, home maintenance, taxes and insurance and oh yes, food, clothing and gas too! The truth is that getting approved for a mortgage is as simple as contacting a few lenders, providing them with some basic financial information and your SSN. From there, they will tell you about what program would best fit your situation as well as what you could afford in your new home. 1st Timers Tips! - Shop Around! Get more than one quote!
- Ask the lender for a copy of your credit report! For your review - it won't cost you a dime and it is always wise to review your credit report at least once a year.
- When you commit to shopping for a loan, do so within a day or so... this sounds crazy but each lender will pull your credit to get you the information you need and this could effect your credit in a negative way unless these credit reports are pulled within a small window of time!
- Try to be patient with all those loved ones who have advice, listen carefully to it, thank them and then ask a professional like me! I specialize in giving you the answers based on today's market!
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