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A mortgage is the biggest and likely most important, financial transaction of your life. Buying a home is something almost everyone dreams of doing. The process of getting a mortgage can be overwhelming.! Both interest rates and home prices are rising. Here are some tips that will help you get the best deal and ensure you get through the financing process as easily as possible.

1. Have strong credit
Your credit score is used to show lenders that you are going to be able to repay. If they see a low score, it may be challenging to get a mortgage, and you will end up spending a lot more money.

Many sites allow you to check your credit score for free. You should aim to be somewhere in the mid 700s. Make sure you are paying off the balances of these cards. Do not use them too much, and do not apply for new cards before you apply for a mortgage.


2. Stay within budget
You can opt for a 30 or 15-year mortgage, both having different benefits. If you can spend a little bit more each month, the 15-year plan could end up saving you hundreds of thousands of dollars in the end. Calculating your budget is important.


3. Build up your savings
Most people underestimate how much they should have in their savings before buying a home. You will have a down payment, mortgage payments, property taxes, closing costs, etc. On average, you should try to have the equivalent of six months worth of mortgage payments in your savings account.

The costs associated with buying a home go beyond the purchase price By quantifying these costs in advance, you won’t be caught off guard.


4. Pre-approval is key
Do not wait until you have found the home of your dreams to begin working with a lender We encourage our buyers to begin working with a lender before they even start looking at homes. Doing so will allow you to know you’re looking in the appropriate price point for homes, and also allow you to be ready if and when the right home comes along. The more thorough the document review by your lender, the stronger the pre approval. In this strong sellers’ market, it’s important for us to be able to convey a strong financial position to distinguish your offer in a multiple offer situation.

Getting pre-approved is a straightforward process, and your lender will be able to provide you with a list of what documents are required.


5. Consider different options
There are so many types of mortgages and loans. Home buyers take many different routes when getting a mortgage. You can choose between a 15 or a 30-year mortgage at a fixed or adjustable rate, or even get a Federal Housing Administration-insured loan.

There are different options, and the best choice will relate to your current financial standing. We have several wonderful lenders with whom we work that will help review the different options that make the most sense for you.

Getting a mortgage can seem daunting, but with proper planning and by working with a qualified lender, your home buying process can be seamless. That’s our mission!