Things to Know Before You Apply For a Mortgage

Buying a home is one of the most important decisions you’ll make in your life and there are a lot of things to consider and learn before you apply for a mortgage and start shopping for a home. Being prepared for what lies ahead will make this tiring process easy and less cumbersome.

So, here are a few things to keep in mind before you enter the deep waters of home loans and sign the dotted line of a mortgage application.

·         Learn the Language: There are various types of mortgages available out there and each one of them has some unique benefits to offer. So, before you select any one of them, learn the basics of Fixed Rate, Adjustable Rate, VA and FHA loans and also familiarize yourself with basic mortgage terminology.

·         Affordability: Use mortgage calculators to determine your affordability and also calculate the amount of your monthly installments, including taxes and insurance. You can also consider making a higher down payment, if you can afford it, to lower the amount of installments.

·         Carefully Choosing a lender: Make sure that you are filling your online mortgage application with a trusted, reputed and experienced lender who will be there to help you at every stage of the process.

·         Don’t open or close accounts: Do NOT apply for new credit cards or any other form of credit as it can alter your credit reports and impact the type of loan you are eligible for. Also, do not close any open accounts as old accounts create credit history. Longer the credit history, the better.

·         Don’t quit your job: Stable employment history is crucial for getting a mortgage on good terms.

·         Pay the bills on time: Avoid late payments at all costs to obtain the best terms on your mortgage.

If you are looking for a trusted, reputed and experienced online mortgage lender, then AWM Lending is the name you’ve been searching for. Give us a call on 702-850-2790 today and let’s discuss your dream home.