4 Things Every Homebuyer Should Know About Mortgages

4 Things Every Homebuyer Should Know About Mortgages

Whether it’s your first new home or your fifth, you probably have questions about financing. We sat down with Peggy Luster of First Mortgage Company, a Home Creations participating lender, to discuss 4 things every homebuyer should know about getting a mortgage

1.The first thing you should do is pull your credit score.

Lenders base the decision off FICO scores. It costs $25 for a full report, which is always the basis of a mortgage decision, in conjunction with income. By pulling your report before you start the process, you will be able to get down to business faster once you meet with a lender.

2. If you don’t have credit, you still have options.

Lenders understand that a lot of buyers don’t like to use credit. Your loan officer will work with you to see if it is possible to prove credit through non-credit payments, such as utilities or medical bills.

3. Pre-qualification doesn’t mean you’re automatically approved.

Being pre-qualified tells you what loan you qualify for and what monthly payment to expect. The lender will need paperwork to verify your income, like two years of W-2 statements or 30 days of pay stubs. However, once the paperwork is in, approval usually only takes a few minutes.

4. It is always best to go with a participating lender.

Working with a Home Creations participating lender is a well-oiled process. Buyers who use a participating lender know what to expect and never face any surprises at closing. Participating lenders know the timeline, so they will be ready to get you into your new home right on schedule. Plus, you can save up to $2,500 in closing costs!

If you’ve already found your dream home at www.homecreations.com, give Peggy a call at 405-659-1962 or apply online to secure financing today!