The Mortgage Meister Says…The Devil Is In The Details

What’s all the fuss about?  Everyone’s telling us the devil’s in the details when it comes to shopping for a Home Mortgage Loan.

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Well…I Say…The home mortgage shopping experience is like chopping your way through the weeds. How hard can this be you ask? Everyone thinks the first step in the journey should be to find a home, find a realtor, find a neighborhood. All great and important steps, but let’s slow down and rethink the process.

The most frustrating and perhaps disappointing reality check happens when you find your dream home and realize it’s more than you can handle financially. How do you get from the frustration of “Sorry, you don’t qualify for that much of a mortgage loan” to “Yes, yes, you do qualify”?  In order to make this nerve-wracking process easier, the Mortgage Meister suggests you step back and ask yourself a few questions:

1)      What do we want in a home, size, amenities, location, affordability

2)      What is our household income and expenses, what’s left to pay monthly principal, interest, taxes, insurance, utilities

3)      What can we realistically afford and still live a lifestyle we are accustomed to

4)      Where do we go to get the skinny on home lending, who will help in the journey and what will be needed to turn our dream into reality

Well, the devil IS in the details… I say…

1)      Put your financial house in order

2)      Check your credit score

3)      Pull together three years of tax returns

4)      Obtain letters from employers indicating your income and time at the company

5)      Do a budget

6)      Have your Mortgage Alliance Mortgage Consultant let you know how much you can borrow

Knowledge is power, and when you know what you can afford the journey is much more satisfying and you’ll be able to negotiate in confidence. You’ll be able to say “We can buy this home because we paid attention to the details”.  Happy hunting!