A little bit of smart advice can go a long way, especially when you’re buying your first home. Take these pearls of wisdom from some of the most successful brokers, agents, and investors in the business and when you’re ready to move forward with your big purchase you’ll be an admirably savvy buyer.
Tip #1) Your first step in finding the right home for you and your family is to find a loan officer at a reputable mortgage company and get either pre-qualified and pre-approved.
Getting pre-qualified will give you a ballpark idea of how much house you can afford. Getting pre-approved will give you an almost precise scenario of what you can afford. — Justin McHood, Mortgage Commentator
Tip #2) If at first you’re not approved, apply, apply again.
Every mortgage lender uses some variation of the “official mortgage guidelines” and there are as many variations as there are U.S. lenders.
For an FHA loan, for example, some lenders will enforce a higher minimum credit score than others. For conventional loans, some lenders will enforce a restriction on debt-to-income. For HARP loans, some lenders will limit your overall loan-to-value. — Dan Green, Mortgage Market Expert
Tip #3) Every state in the country offers some sort of First Time Homebuyer Program.
The Mortgage Tax Credit Program is commonly referred to as MCC, or Mortgage Credit Certificate. This Federal Program is not offered by all mortgage companies or Banks in your area, so if you think you qualify, be diligent in choosing your lender.
Lenders underwrite differently so if your initial loan application doesn’t make it to closing, get in the hands of another lender it for a proper re-evaluation. Many mortgage loans are approved the second time around. — Eleanor Thorne, Mortgage Professional
Stonebridge Mortgage Group can help you with your real estate loans and other mortgage solutions, both residential and commercial. We serve the greater Portland area and are located in Gresham, Oregon.