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Are you concerned about
qualifying for the amount needed to purchase the home
that will fit your needs best? Or, is your
estimated monthly mortgage amount higher than you
expected?
Here are a few options to
consider during the qualification process:
- Choose an ARM,
which should have a lower initial interest rate,
thereby lowering your monthly
payments.
- Consider
a"temporary buy down"of the interest rate. This
would allow you to qualify for a substantially higher
mortgage amount because the lower interest rate
reduces payments during the early years of the
loan.
- Restructure your
debt by paying it off with savings or a gift. Or,
reduce your monthly payments through debt
consolidation or refinancing.
- Add a non-occupant
co-borrower to the mortgage (a parent or close
relative who won't live at your house but who would be
equally obligated to repay the
loan).
Our Mortgage
Consultants can help you determine which
qualification strategies will work best for
you. Remember, their role is to make this process
as easy as possible for you while also meeting all of
your short- and long-term home financing
objectives.
How a good credit score helps you
TIP: Keep money
aside- -don't spend all of your money on the down
payment and closing costs."Incidentals"can add up
quickly and you'll want to have some cash for moving
expenses, new window treatments, landscaping - - and of
course everything from caulk and painting supplies to
lawn mowers and ladders. In fact, in some cases
your lender may require that you show evidence of having
at least two months worth of house payments
available after closing.
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