Advice for First-Time Homebuyers | Econ Mortgage
Advice for First-Time Homebuyers
Preparing to buy your first home is one of the great rites of passage for many of us as we enter adulthood. It’s a sign that we’ve succeeded to some level or another, and we’re ready to take one of the biggest life steps many people take.
It also comes with a number of details and difficult choices. The mortgage application process is no laughing matter, and that’s what we’re here for at Econ Mortgage. We’ll help you through every detail of the process from start to finish, and help you past any hurdles that may come up along the way. Here are some tips to keep in mind as a first-time homebuyer.
Stay on Top of Credit
Credit score might be the single largest element in the home loan process. It’s often the make-or-break factor in whether you’re approved for a particular loan, and it can have huge effects on the mortgage rates and other details in your loan.
There are several free credit score services out there, and it’s vital to make use of them. Even if you think you’ve been diligent and maintained good credit, mistakes happen all the time and it’s far too easy to forget things.
There are a number of details and bits of paperwork involved in applying for mortgages, so make sure you’re out in front of any clutter. Keep track of important documents and any important dates.
Know Your Assets and Liabilities
Independently of credit, a lender will want to know your general financial profile. What are your monthly expenses like compared to your income, and is there potential for major additional expenses? These are the kinds of things you’ll need to be on top of.
You want to test your options on the market when you’re looking for a mortgage, and that’s exactly what we’re here for at Econ Mortgage. We’ll help you canvass different banks and their various rates and promotions, and in the end we’ll get you the best loan for you based on your individual factors. There’s no need to simply take the first decent option available with a mortgage broker like Econ Mortgage behind you.
For questions or to get started on the mortgage search process, speak to one of our expert loan officers today.
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