The promise of a new year often sparks the desire to make big changes in one’s life. So, it is no surprise that spring is one of the most active home buying and selling seasons in Sarasota, Manatee and Charlotte counties. Venturing into real estate – whether for the first time or buying your third home – can be stressful and starting the process can be overwhelming. MSC Mortgage has a strategy that can help you meet your goals and get you one step closer to the front door of your new home.
Get Your Assets in Order
The mortgage application process can be daunting. Getting as much of the work done before you begin discussing your goals and crunching numbers could save you a lot of time down the road. Collect all documentation of personal information, income sources, expense reports, tax paperwork, bank statements, and any other documents you think may be important for the mortgage company to review. It’s better to be over prepared.
How Much Can You Afford
Speaking to a mortgage lender about your credit standing, income, the types mortgages available, assets and debt will help you determine the amount of loan you can afford, the terms of the loan, and how much of a down payment is required.
Savings and Gift Funds
Perhaps you have been saving for this moment for quite a while and have a considerable contingency in place for your down payment, closing costs and various financial needs along the way. Another option is gift funds – money given to you as a gift by someone. Gift funds need to be documented specifically, so speak to an MSC Mortgage loan consultant about the best way to handle this when it comes time to submit all your assets and debts.
Which Mortgage is Right
Choosing your mortgage is a crucial matter and should be thoroughly researched. In many cases, you and the home must qualify for specific types of mortgage loans and interest rates before being approved. Some mortgages have requirements or limitations on the type of home or area of the home. Good news: the national mortgage delinquency rate in home loans reached its lowest level in the fourth quarter of 2018 since 2000*.
Buying a home is stressful as well as exciting and rewarding. Being well prepared and informed will help you make sound decisions for your future investment and allow you to enjoy the experience a little more. MSC Mortgage, a partner of Michael Saunders & Company, can answer your questions and help you find the loan right for your needs and goals. Contact MSC Mortgage at 844.890.8034.
You may also be interested in:
*Numbers based on an article published in The Real Deal on March 1, 2019.