You've made your decision and are ready to pursue homeownership. What's next?
- Check your credit: Your credit history is going to determine what kind of loan you qualify for and what kind of interest rate you are going to pay.
You can check your credit for free through each of the 3 bureaus every 12 months. Stagger your inquiries so you are checking your credit through one of the 3 bureaus every 3 or 4 months. You can look at your credit report by visiting annualcreditreport.com.
If you don't like what you see on your credit, here are 10 FREE Ways to Improve Your Credit Score and Raise Your Fico STARTING TODAY
- Decide what you can comfortably spend each month on a mortgage payment: Don't forget to take taxes, insurance and maintenance into consideration.
REMEMBER: What the bank "says" you can afford and what you "know" you can afford can be two different things. Don't get in over your head. Your loan officer will be able to calculate your loan payments based on the property your are interested in.
- Understand the loan for which you are applying: Make sure you completely understand the type of loan your loan officer is suggesting you use.
Is it an adjustable rate mortgage? Is there a pre-payment penalty? Are you paying mortgage insurance and, if so, for how long? Fully educate yourself so you don't get an unwanted surprise down the road!
- Go out and start making offers: Don't be afraid to offer less than what the seller is asking. This is a buyer's market and most sellers are expecting a lower offer than the asking price.
Guaranteed Rural Housing Loan Program.
If you have any questions or need additional information, please feel free to contact me directly at the number listed below. I specialize in the Armstrong County, Kittanning, Ford City and Rural Valley areas of Pennsylvania.
To apply online with 1st Metropolitan Mortgage in New Stanton, PA, please click here.
Please contact me directly 724-783-7180 or firstname.lastname@example.org for more information on this or any other programs available. Thanks! JENNIFER KLADNY - Loan Officer for 1st Metropolitan Mortgage, 151 East Pennsylvania Avenue
New Stanton, PA 15672
Licensed by the Department of Corporation under the California Residential Mortgage Lending Act. Licensed by the Pennsylvania Department of Banking.