When deciding to move forward to purchase a home, one of the first recommendations is to consult with a mortgage professional. By consulting with a mortgage professional you will have the answers to some of the most frequently asked questions such as:
- How much house can I afford?
How Much House Can I Afford - What are current market interest rates?
- What type of loan is best for my needs?
- What is the amount of down payment that will be required for me to purchase a home?
But what happens when the mortgage professional tells you that you do not qualify to purchase a home at this time. What should your next step be? Should you just give up on your dream of home ownership? Of course not! One of the advantages of a good mortgage consultation will be to let you know some of the factors that may be delaying your home purchase. Those factors can be discussed in detail and in most cases you can get input on the steps you need to take to improve your chances of becoming a qualified buyer.
Factors that may be affecting your ability to qualify right now may vary. Challenges may be your credit score, your debt obligations, time in your current career or job, rental payment history, and the list goes on. As a buyer don’t assume you know how best to improve your chances of becoming a qualified home buyer. Discuss an appropriate action plan with your experienced mortgage professional. By following the action plan suggested you can put yourself in position to own a home in many cases within the next 12-18 months; sometimes even sooner.
If you are looking to be approved to purchase a home, contact us today. Also take the time to join our free Savvy home buyers club. By becoming a member, you will receive important information regarding the home buying process, ways to improve your chances of owning a home, and our spotlight of industry professionals that can help you throughout the process. To join the Savvy Home buyers Tribe click here.
