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A mortgage can come in many different shapes and sizes. Choosing the right
one is sometimes not as easy as you think it would be. The type of real
estate you are interested in can effect which loan will work for you as much as
what your credit score is.
Some of the main factors that will determine what kind of loan and interest
you will be eligible for are:
- credit score for all persons involved in purchasing the property
- work history - if you are self-employed many of the rules change
- type of property you are purchasing
- the amount of down payment you have available
- your income level
- amount of other fixed monthly payments
- total amount of loans you currently have - car to credit cards balances
To know exactly what you are dealing with, it is best to consult a mortgage
broker or banker to see what might work with the property you are interested in.
It doesn't do you or your realtor any good to look at houses for sale or
property if you aren't in the right market. (what you can afford) Also
keep in mind that loan programs come and go. The market is always
changing, so its good to know about the current programs that are available.
For example there is a $8,000 program for first time home buyers. This can
change anytime so its best to "get-with-it" if you are in the market and haven't
owned a property in the last 3 years.
If you would like a recommendation for a good lender / broker please contact us at
(314) 720-2703 or send us an email from our contact page.
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