The Martin Group of Realtors®
Local Expertise • Global Reach
+1-561-339-1779
Get Mortgage Lender’s
PRE-APPROVAL LETTER BEFORE Viewing Homes.
Adjustable-rate mortgages (ARMs) have an interest rate that may change periodically depending on changes in a corresponding financial index that’s associated with the loan. Generally speaking, your monthly payment will increase or decrease if the index rate goes up or down.
Have the following items available before contacting lender:
Contact info for you and ALL co-applicants on the loan
General loan details, such as general amount and property type
Your Social Security number for customizing your rates
Don’t wait until you’re ready to move to start preparing financially to buy a home. If you are like the vast majority of home buyers, you will choose to finance your purchase with a mortgage loan. By preparing in advance, you can avoid the common delays and roadblocks many buyers face when applying for a mortgage.
The requirements to secure a mortgage may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined some simple steps below to get you started on your path to home ownership.
Lending requirements have become more rigorous in recent years, and changes to your credit history, debt levels, job type and other factors could impact your chances of approval.
It’s never too early to start preparing to buy a home. To be ready to purchase your next home, follow these steps.
Your credit score is one of the first things a lender will check to see if you qualify for a loan. It’s a good idea to review your credit report and score yourself before applying for a mortgage. If you have a low score, you will need time to raise it. Most Lenders use your FICO score. To qualify for the lowest interest rates available, you usually need a FICO score of 760 or higher.
Your credit score is one of the first things a lender will check to see if you qualify for a loan. It’s a good idea to review your credit report and score yourself before applying for a mortgage. If you have a low score, you will need time to raise it. Most Lenders use your FICO score. To qualify for the lowest interest rates available, you usually need a FICO score of 760 or higher.
When you purchase a home, you typically pay for a portion of it as a down payment and take out a loan to cover the remaining balance. Closing costs should also be factored into your savings plan and may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys and other fees associated with the purchase of your home.
It’s important to have a sense of how much you can reasonably afford and how much you’ll be able to borrow to see if home ownership is within reach. Your debt-to-income (DTI) ratio is one of the main factors mortgage companies use to determine how much they are willing to lend you, and it can help you gauge whether or not your home purchasing goals are realistic given your current financial situation.
Start now and get your finances in order. If you are ready to buy now but don’t have a perfect credit score or a big down payment, don’t get discouraged. There are resources and options available that might make it possible for you to buy a home. We can help you review your options, connect you with one of our trusted mortgage lenders, and help you determine the ideal time to begin your new home search.
Martin Group of Realtors®
Premier Brokers International
9123 N Military Trail #104
Palm Beach Gardens, FL 33410
Team Office: 561-339-1779
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