Working with a real estate agent can be a saving grace when you are looking for a new home. One of the most confusing aspects of purchasing a home is actually in regards to the financial aspects. It's true that a mortgage can be difficult to understand, especially if you are a first-time buyer. Asking your real estate agent these questions is sure to clear up some of the confusion:
1. How do you qualify for a mortgage?
Each lender has different requirements for qualifications, and even good credit may not be enough to secure the right mortgage to suit your needs. This ultimately depends on your place of work, income, assets, and total debt. Your real estate agent can provide you with information about the specific mortgage you are interested in.
2. Can you qualify for a mortgage if you have no credit?
Surprisingly, many first-time home buyers have no credit at all. Even more surprisingly, it is possible to secure a mortgage without having a credit score at all. It may be more difficult, but it may also be possible.
3. How much of a down payment should you make?
Some mortgages require that you put down a hefty down payment in order to secure the loan. Your real estate agent will be a helpful resource in helping you determine which percentage will help you receive the loan you need to close the deal.
4. Which type of mortgage is right for you?
Just as there are different lenders, there are also different types of mortgages to consider. These types of mortgages depend on how long you want to be making payments, how big you want your payments to be, and how quickly you want to be free of the loan. Your real estate agent encounters different types of loans regularly, so it is helpful to ask.
5. How will the market influence your loan and payments?
When you are paying back your loan, you certainly do not want to be in for a surprise. Payments can be adjusted by your mortgage company if the market fluctuates, and this is something you should be aware of.
Ultimately, buying a home is much less confusing when you have a helpful consultant at your aid. Get in touch with a real estate consultant as soon as possible to learn more about the possibility of buying a home that speaks to your needs.
Contact companies like brown real estate consultants for more information and assistance.Share